Retail Sales in Hong Kong
Hong Kong - Retail Sales
Retail sales remain dejected in July
Retail sales by volume dipped 13.0% year-on-year in July, a notable deterioration from June’s 7.6% contraction. July’s print comes amid ongoing mass protests which continue to negatively impact domestic demand.
The print was driven by a broad-based contraction in sales across all product categories, with particularly sharp declines for jewelry, watches and clocks, and valuable gifts .
On a seasonally-adjusted, three month-moving-average basis, retail sales volume in the May-July period fell 5.5% from the preceding three-month period ending in April, which posted a 2.8% decrease in the April-June period. Overall, the annual average variation in retail sales volume continued to slip, from growth of 0.3% in the 12 months up to June to a 1.3% decline in the period ending July. Looking ahead, private spending will likely remain depressed as a prolonged slowdown in the mainland and the trade war between China and the U.S weighs heavily on the external sector.
A government spokesman stated that:
“Retail sales will likely stay weak in the near term, as escalated US-Mainland trade tensions and subdued economic conditions continue to dampen consumer sentiment. The situation may even deteriorate further if the social incidents involving violence do not come to a stop.”
FocusEconomics Consensus Forecast panelists expect retail sales to decline 2.9% in 2019, which is down 2.3 percentage points from last month’s forecast. For 2019, the panel sees retail sales growing 2.0%.
Hong Kong - Retail Sales Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Retail Sales (annual variation in %) | 11.1 | -0.2 | -1.5 | -7.1 | 1.9 |
Hong Kong Retail Sales Chart
Source: Census and Statistics Department Hong Kong and FocusEconomics calculations.
Hong Kong Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.04 | 3.38 % | Sep 04 |
| Exchange Rate | 7.84 | -0.11 % | Sep 04 |
| Stock Market | 26,523 | -1.92 % | Sep 04 |
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Economic News
Hong Kong: PMI freefalls in August amid intensifying protests and trade tensions
September 4, 2019
The IHS Markit Purchasing Managers’ Index (PMI), plunged from 43.8 in July to 40.8 in August, marking the lowest reading since February 2009 amid mass protests and elevated global trade tensions.
Hong Kong: Retail sales remain dejected in July
August 30, 2019
Retail sales by volume dipped 13.0% year-on-year in July, a notable deterioration from June’s 7.6% contraction.
Hong Kong: Inflation unchanged in July
August 20, 2019
Inflation was stable at June’s 3.3% in July.
Hong Kong: Protests damage economic environment, prompting government to unveil stimulus package
August 16, 2019
The economic environment has soured notably as large-scale pro-democracy protests, which were sparked by an extradition bill which has since been shelved, entered their third month in August.
Hong Kong: Economic growth slows for fifth consecutive quarter in Q2; near-term prospects look bleak
August 16, 2019
The economy slowed for the fifth consecutive quarter in the second quarter, with year-on-year growth dipping to 0.5%, a notch down from Q1’s 0.6% expansion.
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