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Hong Kong Retail August 2022

Hong Kong: Retail sales dip in August

Retail sales slid 2.9% in year-on-year terms in August, which contrasted July’s 1.0% increase. The weakening was largely driven by sharper deteriorations in clothing, fuel and supermarket sales. Moreover, jewelry, watches and valuables sales lost pace. Retail sales were likely weighed on by a sustained rise in Covid-19 cases in the month, and a greater focus on services spending as restrictions have been eased.

Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at an over one-year low of minus 1.2% in August, down from July’s minus 0.1%.

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