Hong Kong: Retail sales bounce back in July
Latest reading: Retail sales rose 1.0% in year-on-year terms in July, which contrasted June’s 0.3% decrease. Looking at the details of the release, the rise was largely fueled by stronger sales of jewelry and other consumer goods, plus a rebound in clothing sales. July’s retail sales reading was only the second expansion in the last seventeen months, likely supported by strong tourist inflows and Hong Kong dollar depreciation encouraging some Hong Kongers to spent locally rather than on the mainland.
Meanwhile, the trend improved significantly, with the annual average variation of retail sales coming in at minus 5.9%, up from June’s minus 7.1%.