Hongkong: The Biggest Decline In Jewelry

After experiencing a series of incidents, Hongkong's retail industry once again encountered "Hong Kong embarrassing".

According to the latest statistics, the total retail sales value of Hongkong's retail industry has dropped 6.4% to HK $35 billion 200 million over the same period, which is the second largest drop in this year's month. Insiders say that Hongkong's retail industry is experiencing a severe winter, and it is not ruled out that SMEs will freeze to death.

A government spokesman pointed out that retail sales in September were further weakened. Although the Mid Autumn Festival appeared at different times this year and last year, food sales rose significantly in September, but sales in most retailers were year-on-year decline.

The weak sales performance of retail industry reflects the weakness of inbound tourism and, to a certain extent, shows that the stock market fluctuates in summer and affects consumption intention.

Among all the retail varieties, jewellery has become the hardest hit area, with the fastest decline. In September this year, the sales value of jewellery, watches and clocks and precious gifts dropped by 22.9% compared with the same period last year. Zheng Weixiong, chairman of the Hongkong Retail Management Association, told the first financial daily that over the past several months, jewellery categories were

The rate of decline has reached double digits, and this time has reached 23% degree, which reflects that the situation of retail trade in Hongkong is quite serious at present.

Zheng Weixiong said that the reason for the sharp decline in sales of jewellery categories is that the number of people traveling freely is much faster than that of passengers. In the past, free travel accounted for 67% of the total number of passengers. However, the proportion has dropped to 57%, which has dropped 10 percentage points, while free traveling tourists are more powerful in comparison, which has a great impact on high-end consumption.

Zheng Weixiong said that the situation of Hongkong's retail industry this year is very special. In addition to the sharp decline in retail sales in the third quarter, the retail sales in the first quarter also fell, that is, the retail industry in Hongkong has declined in two quarters this year, which is very pressure on retailers.

At present, many street shops in Hongkong have been unable to withstand pressure and have failed. Zheng Weixiong thinks that the retail industry in Hongkong is experiencing severe winter. Large retailers may be able to withstand pressure for a while. However, it is not ruled out that SMEs will freeze to death in this cold winter.

Despite the normal decline in retail sales in the past, the number of retail sales is not going to drop. Zheng Weixiong was surprised that he thought the retailer was facing unprecedented inventory pressure and will certainly make more promotions in the future. He expects retailers to reduce their prices early this year, and the scope will further increase.

However, no matter how big the sales promotion is, the situation is not optimistic. Zheng Weixiong thinks that the retail value of Hongkong is likely to decline in the fourth quarter, because this year may be a warm winter, which will have adverse effects on the clothing market and accessories.

A spokesman for the Hongkong government estimated that retail business is still constrained by the weak performance of inbound tourism in the short term and depends on the impact of the global economic outlook on the local economy and consumption intention.

In addition to the serious decline in jewellery category,

The value of goods sold in supermarkets increased by 1.7% over the same period, but the value of food, alcoholic drinks and tobacco sold increased by 22.8%. The value of goods sold in supermarkets increased by 1.7%.

Compared with the previous 3 months, the seasonally adjusted total retail sales value and sales volume decreased by 0.3%.

Zheng Weixiong explained that the sale value of supermarket goods increased in September this year, mainly because of the Mid Autumn Festival this year at the end of September, most of the consumption of moon cakes and other festivals were released in September. Last year, mid autumn festival in early September, some moon cakes and other consumption were pferred to August, so the supermarket in September was better, but in fact, supermarkets were always patronized by local guests in Hongkong, so the impact was not great.