Hong Kong: Decline in retail sales eases in April
May 31, 2016
In April, retail sales fell 7.6% over the same month last year, which represented a milder contraction compared to the 8.8% decrease tallied in March. Looking at the data in detail, April’s softer decrease reflected expansions in sales of food and beverages as well as in fuels. However, the plunge in sales of consumer durable goods and of clothing, jewelry and other fashion accessories lead to the sixth consecutive decline in retail sales overall.
Retail sales fell a seasonally-adjusted 3.1% in the three-month period ending in April compared to the three-month period ending in January. April’s result was up from the 9.1% decrease registered in the previous month.
A government spokesman stated that, “the slowdown in inbound tourism continued to pose a severe drag, and the uncertain economic outlook and asset market consolidation had conceivably also hurt local consumption sentiment. The near-term outlook for retail sales will continue to depend on the performance of inbound tourism, and on the extent to which the local consumption sentiment is affected by the headwinds arising from the subpar economic conditions and external uncertainties.”