2-12-2020
Hong Kong sales in all retail categories dropped 8.8 percent to US$ $3.53 billion in October yoy, the 21st consecutive month of decline and the first single-digit fall since June last year, narrowing from a revised 12.8 percent fall in the previous month.
The city’s jewellery, watches, clocks and valuable gifts was the second worst- performing categories in October, following medicines and cosmetics. The category, which depend heavily on mainland tourists, plunged 26.6 percent. Arrivals to Hong Kong in October plummeted 92.9 percent with barely 4,849 mainland visitors entered Hong Kong.
“The year-on-year decline in retail sales narrowed in October as consumption sentiment improved amid the stable epidemic situation in that month,” a government spokesperson said. However, with the fourth wave of the local epidemic spreading widely and quickly, the business environment of the retail trade may deteriorate again soon.
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