3-9-2020
Retail sales Hong Kong racks up the 18th consecutive month of declines in July with sales of jewellery and watches slumped 53.7 percent to HK$2.55 billion in July yoy, Hong Kong’s Census and Statistics Department reported.
The total value of retail sales declined 23.1 percent yoy to HK$26.5 billion in July. “The year-on-year decline in retail sales remained notable in July despite a lower base of comparison, as the surge of local Covid-19 cases, and the resultant tightening of social-distancing measures in that month, further disrupted consumption activities,” a government spokesperson said.
The spokesperson added recent stabilisation in the local epidemic situation may help improve consumption sentiment. However, business environment of the retail trade will continue to be very difficult in the near term as inbound tourism remains at a standstill. July tourist arrivals plummeted 99.6 percent yoy.
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