Hong Kong: Retail sales record lowest growth since January in June
Retail sales grew 2.8% year-on-year in June (May: +7.8% yoy). The outturn marked the worst reading since January. The reading reflected a broad-based downturn across the major sectors, with fuel, supermarkets and food and alcoholic beverages all contracting in June. Lastly, jewelry, watches and valuables sales moderated, while clothing and footwear sales increased.
Meanwhile, the trend improved notably, with the annual average variation of retail sales coming in at minus 1.7% in June, up from May’s minus 4.0%.