Hong Kong: Decline in retail sales continues to soften July
September 1, 2020
Retail sales fell 23.9% compared to the same month a year earlier in July, which was slightly softer than June’s 25.3% decrease.
The slightly smaller drop was partly driven by a notable increase in supermarkets sales. Jewelry, watches and valuables, as well as food, alcoholic drinks and tobacco sales also dropped at a softer pace. In contrast, growth in fuels sales decelerated.
The annual average variation in retail sales deteriorated to minus 29.4% in July, below June’s minus 28.5%.