Hong Kong Retail July 2020

Hong Kong

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%.

FocusEconomics Consensus Forecast panelists project retail sales to decrease 24.2% in 2020, which is down 3.2 percentage points from last month’s forecast. For 2021, the panel sees retail sales growing 0.5%.


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Hong Kong Retail Chart

Hong Kong Retail July 20 20

Note: Year-on-year changes and annual average variation in %.
Source: Consensus and Statistics Department Hong Kong

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