Financial News: Hong Kong Retail Sales Fall 2.3%

Hong Kong Retail Sales Fall 2.3%

(RTTNews) - Hong Kong's retail sales value declined at a slower pace in April, preliminary data from the Census and Statistics Department showed on Monday.

The value of retail sales fell 2.3 percent year-on-year in April, slower than the 3.5 percent drop in March. Sales have been falling since March 2024.

Online sales, which accounted for 8.1 percent of the total sales value in April, decreased by 3.5 percent from last year versus a 0.5 percent decline in the previous month.

Sales of consumer durable goods decreased 22.9 percent, and those of clothing, footwear, and allied products slid by 5.5 percent. Meanwhile, sales at department stores showed an increase of 2.1 percent.

"Looking ahead, the spokesman said that the Government's proactive promotion of tourism and mega events will help stimulate the consumption market," a government spokesman said.

Increase in employment earnings and sustained steady growth of the Mainland economy will also bolster consumption sentiment, and these factors will be supportive to the retail sector, though ongoing changes in consumption patterns and competition among businesses amid the uncertain macroeconomic environment will still pose challenges, the spokesman added.

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