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Financial News: Hong Kong Retail Sales Fall Further

Hong Kong Retail Sales Fall Further

11/02/2020 - 06:02:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales declined further in September, figures from the Census and Statistics Department showed on Monday.

The retail sales volume declined 13.4 percent year-on-year in September, same as in August.

The value of retail sales decreased 12.9 percent annually in September, following a 13.1 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 25.7 percent annually in September. Sales of clothing, footwear and allied products fell 19.9 percent and those of other consumer goods decreased 16.2 percent.

"Nonetheless, having considered that the base of comparison in the month was not as low as in August, the performance of the retail sector had actually shown some improvement over August as the third wave of the local epidemic abated," a government spokesman said.

The spokesman further said that the business environment of the retail trade will remain challenging in the near term, as inbound tourism is unlikely to see a swift rebound and the labor market is still under pressure.

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