Hong Kong: Retail sales fall sharply in November
November 30, 2015
In November, retail sales fell 6.0% over the same month last year, which contrasted the 1.1% increase tallied in October and marked a 10-month low. November’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, “this was mainly dragged by the further slowdown in inbound tourism. The increased downside risks to economic outlook and recent stock market corrections might also have resulted in more cautious local consumption sentiment.”
Retail sales rose a seasonally-adjusted 1.3% in the three-month period ending in November compared to the three-month period ending in August.
Author: Eric Denis , Economist