Hong Kong: Retail sales contract at softer pace in December
Retail sales fell 0.7% year on year in December (November: -5.2% yoy). The softer contraction largely reflected rebounding food and alcoholic beverages sales. Moreover, jewelry, watches and valuables and clothing and footwear sales decreased at softer rates than in the previous month.
Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at an over one-year low of minus 3.4% in December, down from November’s minus 3.1% reading.