HONG KONG: Hong Kong’s August retail sales fell 10.1 per cent from a year earlier, government data showed, reflecting a relatively strong Hong Kong dollar, the changing consumption patterns of residents and their increased travel abroad during holidays.
Sales fell to HK$29.2 billion (US$3.8 billion) in a sixth consecutive month of decline after a revised 11.7 per cent fall in July, 9.7 per cent fall in June, a 11.5 per cent drop in May, a 14.7 per cent drop in April and a 7 per cent decline in March.
“The retail sector will still face challenges in the near term,” a government spokesperson said, adding an easing Hong Kong dollar exchange rate alongside US interest rate cuts would provide support to the sector.
In volume terms, retail sales fell 11.8 per cent year-on-year in August, compared with a revised 13.2 per cent decline in July, 11.2 per cent drop in June, a 12.9 per cent drop in May, a 16.5 per cent plunge in April and a 8.7 per cent decline in March.
For the first eight months of 2024, retail sales value fell 7.7 per cent year-on-year and volume was down 9.3 per cent.
August visitor arrivals stood at 4.45 million, up 9.2 per cent on the year-earlier period, data from the Hong Kong Tourism Board showed. That compared with 3.92 million visitors in July.
The number of mainland Chinese visitors stood at 3.66 million in August, up 6.6 per cent year-on-year.
Sales of jewellery, watches, clocks and valuable gifts in August declined 24 per cent year-on-year after a 25.1 per cent drop in July.
Sales of clothing, footwear and accessories fell 12.3 per cent in August following a 16.8 per cent drop in July.
