Hong Kong Retail April 2020

Hong Kong

Hong Kong: Decline in retail sales softens slightly in April

June 1, 2020

Retail sales fell 37.5% year-on-year in April (March: -44.0% yoy).

The result was driven by a more moderate drop in food and non-alcoholic beverages sales. Moreover, clothing and footwear sales decreased at a softer pace than in March. However, fuel sales deteriorated, while jewelry, watches and valuables sales also decreased notably.

On a seasonally adjusted, three-month moving average basis, retail sales by volume in the February–April period plunged 26.2% from the preceding three-month period, which was sharper than the 20.5% decline in January–March. The reading marked the worst result on record.

Looking ahead, the retail sector will likely continue to deteriorate for the majority of the year due to tepid consumer confidence and low tourist arrivals. Moreover, a possible return of last year’s protests poses a serious downside risk to the outlook.

FocusEconomics Consensus Forecast panelists project real retail sales to decrease 20.2% in 2020, which is up 0.8 percentage points from last month’s forecast. For 2021, the panel sees retail sales growing 5.8%.

Author:, Economist

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