Hong Kong: Retail sales growth eases in July but remains in double digits
Retail sales increased 14.0% compared to the same month a year earlier in July, which was a deterioration from June’s 17.4% increase. July’s figure was largely driven by slowdowns in food and jewelry sales. That said, sales of jewelry and clothing continued to drive overall sales thanks to spending from foreign visitors. The disbursement of consumption vouchers in July likely further supported retail sales growth.
Meanwhile, the trend improved notably, with the annual average growth of retail sales coming in at 10.6%, up from June’s 9.5% reading.