Financial News: Hong Kong Retail Sales Fall Further

Hong Kong Retail Sales Fall Further

11/01/2024 - 06:43:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales value declined for the seventh successive month in September, preliminary data from the Census and Statistics Department showed on Friday.

The value of retail sales fell 6.9 percent year-on-year in September, though slower than the 10.0 percent plunge in August. Sales have been falling since March.

Meanwhile, online sales, which accounted for 10.4 percent of the total sales value in September, dropped sharply by 11.8 percent from last year versus only a 0.7 percent fall in the previous month.

The annual decline in retail sales volume eased to 8.7 percent in September from 11.7 percent in the previous month.

Sales of jewelry, watches and clocks, and valuable gifts alone tumbled 17.9 percent, and those of clothing, footwear, and allied products dropped by 8.0 percent.

Sales at supermarket showed a decline of 1.1 percent compared to last year, and those at department stores dipped by 11.4 percent.

"Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors," a government spokesman said.

"Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending. "

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