Hong Kong Retail August 2020

Hong Kong

Hong Kong: Decline in retail sales softens in August

September 30, 2020

Retail sales dropped 13.3% calendar-adjusted month-on-month basis in August (July: -23.8% yoy). August's print marked the softest decline since July 2019.

Looking at the details of the release, clothing and footwear; supermarkets; fuel; and jeweler, watches and valuables sales contracted at a softer pace than in July. Meanwhile, food and non-alcoholic beverages sales contracted at a faster pace.

Meanwhile, the annual average variation in retail sales improved slightly to minus 28.4% in August from minus 29.4 in July.

FocusEconomics Consensus Forecast panelists project real retail sales to decrease 23.4% in 2020, which is up 0.8 percentage points from last month’s forecast. For 2021, the panel sees retail sales growing 8.1%, which is up 7.6 percentage points from the previous month’s projection.


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Hong Kong Retail July 20 20 1

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


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