Hong Kong: Retail sales fall sharply in December
February 2, 2016
In December, retail sales fell 6.1% over the same month last year, which followed the 6.0% decrease tallied in November and marked an 11-month low. December’s reading was mainly the result of a sharp fall in the value of sales of jewelry, watches and valuable gifts.
A government spokesman noted that, “the near-term outlook for retail sales will still be constrained by the weak performance of inbound tourism. The negative spillovers on consumer sentiment from the consolidation of asset markets in recent periods, as well as from external headwinds including dimmer global economic prospects amid the U.S. interest rate normalization, also need to be closely watched.”
Retail sales fell a seasonally-adjusted 0.9% in the three-month period ending in December compared to the three-month period ending in September.
Author: Eric Denis , Economist