Hong Kong: Retail sales lose momentum in May
Latest reading: Retail sales were up 4.8% on a year-on-year basis in May, following a 6.6% increase in the prior month. This was the eleventh straight month of growth after a prolonged period of contraction, buoyed by stronger tourist arrivals, though sales are still well below their 2018 peak.
Relative to the prior month’s data, readings in May worsened for fuel (-28.7% in annual terms vs -27.9% in April), supermarkets (-1.1% vs +2.3% in April), food and alcoholic beverages (-1.7% vs -1.0% in April) and clothing and footwear (+3.0% vs +5.5% in April). In contrast, the reading for jewelry, watches and valuables improved in May (+10.6% vs +7.0% in April).