Hong Kong: Decline in retail sales softens in March
Latest reading: Retail sales decreased 4.7% year on year in March (February: -15.1% yoy). The figure marked the best reading since February 2024, but was still the thirteenth straight decline. Looking at the details of the release, sales of clothing, fuel and jewelry continued to fall, though food sales swung into expansion.
Meanwhile, the annual average variation of retail sales came in at minus 10.3%, up from February’s minus 10.6%.
Hong Kong retail sales are still languishing well below their pre-Covid-19 levels, weighed on by the still-incomplete recovery in tourist arrivals, the strong Hong Kong dollar, and the increasing number of Hong Kongers opting to shop on the mainland.