Hong Kong: Retail sales growth continues to slow in July
Retail sales grew 0.9% year-on-year in July (June: +2.9% yoy). The outturn marked the worst reading since January. The reading reflected a sharper downturn in purchases for food and alcoholic beverages, and at supermarkets in July. That said, jewelry, watches and valuables, and clothing and footwear sales growth increased.
Meanwhile, the trend improved notably, with the annual average variation of retail sales coming in at 0.4% in July, up from June’s minus 1.7%.