Hong Kong’s September retail gross sales fell 6.9 p.c yr on yr, reflecting the continued impression of a change in consumption patterns, authorities knowledge confirmed.
Gross sales fell to HK$29.57 billion ($3.8 billion) in a seventh consecutive month of decline after a revised 10 p.c decline in August, an 11.7 p.c fall in July, a 9.7 p.c fall in June, an 11.5 p.c drop in Might, a 14.7 p.c drop in April and a 7 p.c decline in March.
A authorities spokesman mentioned the near-term efficiency of the retail sector would proceed to be affected by the change in consumption patterns of residents and guests.
“However, an improved outlook for the Mainland economic system following the current introduction of a variety of stimulus measures, and a attainable easing of the Hong Kong greenback alongside the US greenback with the graduation of the US rate of interest reduce, can be conducive to boosting sentiment and supporting spending.”
The biggest fee of decline in Hong Kong retail gross sales in September was within the jewelry, watches, and beneficial presents class, the place turnover fell by 17.9 p.c.
In quantity phrases, retail gross sales fell 8.7 p.c year-on-year in September, in contrast with a revised 11.7 p.c in August.
