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Financial News: Hong Kong Retail Sales Fall Further

Hong Kong Retail Sales Fall Further

08/02/2022 - 07:32:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales declined for the second successive month in June, provisional figures from the Census and Statistics Department showed on Tuesday.

The value of retail sales declined 1.2 percent annually in June, following a 1.6 percent fall in the preceding month.

Likewise, the retail sales volume decreased 4.1 percent year-on-year in June, slower than the 4.8 percent fall in May.

The sales value of consumer durable goods alone decreased 11.0 percent annually in June.

Sales for department stores, and clothing, footwear and allied products declined by 2.4 percent and 4.6 percent, respectively. Sales at supermarkets fell 0.3 percent.

Data showed that online sales accounted for 8.2 percent of total sales value in June.

On a seasonally adjusted basis, total retail sales value grew 16.4 percent in the June quarter compared with the previous quarter.

Retail sales value registered a modest year-on-year decline in June as local COVID-19 cases increased and interest rates were raised by many major central banks, a government spokesman said.

"The upcoming disbursement of Phase II consumption vouchers will help support consumption demand, but retail sales performance down the road will also be dependent on how the local epidemic evolves and how the tighter financial conditions affect consumer's spending power and sentiment."

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