6-5-2020
Sales of jewellery, watches and clocks, and valuable gifts plummeted 75.2 percent yoy in March to US$213.6 million, the second most precipitous monthly shrink following February.
Hong Kong’s retail sales slump 42 percent in March to US$2.7 billion, the 14th consecutive month of contraction, amid “COVID-19 pandemic and resulting anti-epidemic measures brought inbound tourism to a standstill and seriously disrupted consumption-related activities”, according to a government spokesperson.
Hong Kong Retail Management Association chairperson Annie Tse said even if there is a relaxation of social-distancing measures in May and June, the economy has already been badly hit and tourists will still not come, so the overall performance for the first half will definitely be poor. Tourist numbers went down 81 percent in Q1. She predicted sales would drop 30 to 50 percent in the first half of 2020.
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