The Outlook For Retail Sales In Hongkong Is Still Uncertain In The Near Future.

The statistics office of the Hongkong Special Administrative Region government pointed out that the prospects for retail sales in Hongkong remain uncertain in the short term, depending on the performance of the tourism industry in Hong Kong and the impact of various uncertainties in the external environment on consumption intention.

Retail sales have narrowed down "unhappily". Mainland passenger consumption per capita in Hong Kong is decreasing year by year, coupled with the reduction of luxury purchases, which will continue to exert pressure on luxury and fashion retail performance.

The cold winter in Hongkong's retail industry has not yet passed, and retail sales have been down for 19 months.

The statistics released by the Hongkong Special Administrative Region government announced in November 3rd that the estimated value of total retail sales in September this year was 33 billion 800 million yuan, down 4.1% from the same period last year, while the revised estimate of total retail sales value in August this year dropped by 10.5% compared with the same month last year.

Excluding the price changes during the period, the provisional estimate of total retail sales in September this year dropped by 3.9% compared with the same month last year.

The revised estimate of total retail sales in August this year dropped by 11% compared with the same month last year.

The provisional estimates of the value of sales according to the main categories of retailers are analysed from high to low. Jewellery, watches and clocks and precious gifts are still the hardest hit areas. Compared with the same period last year, they fell by 12.3% in September this year.

The related products and other clothing accessories recorded a decrease of 0.3%.

It is noteworthy that the value of clothing sales increased by 1.8% in September compared with the same month last year.

A government spokesman pointed out that in September

The year-on-year decline in sales has narrowed significantly, which is partly due to the easing of the number of visitors to Hong Kong in the month, the reduction of retail sales, and partly the stabilization of the external environment, and the improvement of local citizens' consumption intention.

Since the beginning of this year, the number of Chinese tourists entering Hongkong has been on the low side. The negative impact of this trend on the sales volume of the local retail industry has become the biggest obstacle in the process of Hongkong's economic recovery.

According to the latest statement of Hongkong Tourism Development Bureau, the total number of tourists in Hongkong in September decreased by 3% to 4 million 420 thousand from 4 million 560 thousand last year.

Meanwhile, the number of mainland tourists from China has dropped by 5% to 3 million 330 thousand this year.

According to the latest statement, the total expenditure on inbound tourism related to the first half of this year dropped by 14% from HK $166 billion 150 million per year to HK $143 billion 620 million.

The sales performance of fashion retailers and Esprit parent company Hongkong sage Global Holdings is also not optimistic.

Hongkong Si Jie Global Holdings Limited reported on Friday that in the three months ended September this year, its group income fell by 12% compared to the same period last year, and its share price dropped 7.4% at the end of Monday's close.

Data show that as of September this year, Hongkong Si Jie Global Holdings Limited has 705 stores, compared with a year ago has reduced by 163.

Italy

In the first half of August, the net profit of manufacturer Prada SpA dropped 24.7%. In August of this year, the consumer of mainland China tended to become a cheaper brand when the domestic economic growth continued to slow down, and the Chinese government was continuing to crack down on luxury consumption by officials.

Estee Lauder group, which has just released its first quarter results, also mentioned for the first time that in the coming year, the group needs to face the challenge of continuous deterioration of the Hongkong market.

Some analysts have pointed out that Hongkong's retail industry has been down for 19 months. Luxury brands' reduction and layoffs are inevitable. Since last year, Hongkong's luxury goods market, including Dior, Chanel and Prada, has been discounted in Hongkong in disguised form. In September this year, the British luxury brand Burberry, which fell into the mire of Hongkong market, made a big reduction in the prices of the classic handbags and some new products in the early autumn, ranging from 10% to 15%.