Hong Kong: Retail sales record slowest growth since July in December
Retail sales grew 3.4% year-on-year in December (November: +4.3% yoy). December’s figure marked the worst reading since July. Looking at the details of the release, fuel sales gained steam in December, but the decline in supermarkets sales worsened. Meanwhile, food and alcoholic beverages sales declined at a softer pace. Lastly, jewelry, watches and valuables sales gained steam, while clothing and footwear sales lost traction.
Meanwhile, the trend improved significantly, with the annual average growth of retail sales coming in at a two-year high of 7.8%, up from November’s 6.3% reading.