Hong Kong Retail May 2020

Hong Kong

Hong Kong: Decline in retail sales softens slightly in May

June 30, 2020

Write intro here Retail sales fell 33.9% year-on-year in May (April: -37.5% yoy).

The result was driven by a more moderate drop in clothing and footwear sales, while fuel purchases rose slightly in May—for the first time since January this year.

On a seasonally adjusted, three-month moving average basis, retail sales by volume in the March–May period fell 12.8% from the preceding three-month period, which was softer than the 26.2% decline in February–April.

Going forward, the retail sector will likely continue to deteriorate for the majority of the year due to tepid consumer confidence and low tourist arrivals. That being said, a low base effect due to protests that began in April–May last year should lead to softer declines year-on-year in the volume of retail sales.

FocusEconomics Consensus Forecast panelists project real retail sales to decrease 20.3% in 2020, which is down 0.1 percentage points from last month’s forecast. For 2021, the panel sees retail sales growing 6.4%.

Author:, Economist

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Hong Kong Retail Chart

Hong Kong Retail May 20 20

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

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