Hong Kong Retail Sales Continues To Fall

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Hong Kong’s retail sales continued to decline in August, albeit at a softer rate, figures from the Census and Statistics Department showed on Wednesday.

The retail sales volume declined 13.4 percent year-on-year in August, following a 23.8 percent decrease in July.

The value of retail sales decreased 13.1 percent annually in August, following a 23.1 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 37.8 percent annually in August. Sales of clothing, footwear and allied products fell by 32.2 percent and those of other consumer goods decreased 22.4 percent.

“Retail sales remained weak in August amid the third wave of the local epidemic,” a government spokesman said.

“Looking ahead, the spokesman further pointed out that as economic conditions remain under pressure and inbound tourism is unlikely to show any swift recovery in the near term, the business environment of the retail trade will remain difficult,” the spokesman added.

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