Hong Kong Retail October 2020

Hong Kong

Hong Kong: Decline in retail sales softens in October

December 1, 2020

Retail sales decreased 9.3% year-on-year in October, moderating from September’s 13.3% decline. The result marked the smallest drop since June 2019.

Looking at the details of the release, October's improvement was broad-based, with fuel, supermarkets and food and non-alcoholic beverages sub-sectors all improving. Moreover, clothing and footwear sales contracted at a softer rate than in September, although jewelry, watches and valuables sales fell at a sharper pace.

Meanwhile, the trend improved, with the annual average variation of retail sales coming in at minus 26.4%, up from September's minus 27.8%.

FocusEconomics Consensus Forecast panelists project real retail sales to increase 8.4% in 2021, which is down 1.2 percentage points from last month’s forecast.


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Hong Kong Retail Chart

Hong Kong Retail October 20 20

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

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