Hong Kong: Decline in retail sales softens in August
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.