Hong Kong: Retail sales contraction steepens in September
November 2, 2015
In September, retail sales fell 3.2% over the same month last year, which was below the 0.1% decrease tallied in August and marked an eight-month low. September’s reading was mainly the result of a significant decline in sales of jewelry and commodities in department stores.
A government spokesman noted that, “looking ahead, retail business will likely be still constrained by the weak performance of inbound tourism in the near term. Much will also depend on how the dimmer global economic outlook will affect the economy and local consumer sentiment going forward.”
Retail sales fell a seasonally-adjusted 0.3% in the three-month period ending in September compared to the three-month period ending in June.
Author: Eric Denis , Economist