Financial News: Hong Kong Retail Sales Plunge 7.3% In November

Hong Kong Retail Sales Plunge 7.3% In November

01/02/2025 - 06:45:00 (RTTNews)

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

The value of retail sales fell 7.3 percent year-on-year in November, faster than the 2.8 percent drop in October. Sales have been falling since March.

Meanwhile, online sales, which accounted for 9.3 percent of the total sales value in November, dropped by 7.0 percent from last year versus an 8.4 percent decline in the previous month.

The annual decline in retail sales volume also deepened to 8.3 percent in November from 4.8 percent in the previous month.

Sales of consumer durable goods tumbled 21.4 percent, and those of clothing, footwear, and allied products dropped by 6.7 percent.

Sales at department stores showed a sharp decline of 12.3 percent compared to last year, while those at supermarkets rose by 3.5 percent.

"Looking ahead, the spokesman said that the change in consumption patterns of visitors and residents will continue to weigh on the performance of the retail sector," a government spokesman said.

"Nevertheless, the introduction of various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, including the resumption and expansion of the multiple-entry Individual Visit Scheme for Shenzhen since December, together with the SAR Government's various initiatives to boost market sentiment, as well as increasing employment earnings, would be conducive to spending by both visitors and residents in the local market."

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