Hongkong's Total Retail Sales In July Dropped By 11.4% Compared To The Same Period Last Year.

The census and Statistics Department of Hongkong announced the retail trade data of Hongkong in July this year. Due to the continuous impact of social unrest in Hongkong, the retail industry is becoming more and more serious. Besides the small sales of supermarket goods, most retailers' sales performance has declined.

 

According to the statistics of the Hongkong Government Statistics Department, the total retail sales in Hongkong in July were temporarily estimated at HK $34 billion 400 million, down 11.4% from the same period last year. After the price change, the retail sales volume was temporarily estimated to be 13% lower than the same period last year.

 

In July, sales of jewellery, watches and clocks and precious gifts in Hongkong dropped by 24.4% compared with the same period last year. Sales of clothing fell by 13% compared with the same period last year, while sales of department stores fell 10.4% year-on-year.

 

A spokesman for the Hongkong government said, "the retail industry in July showed worse performance, double-digit sales fell, local consumption was weak, social events caused significant interference to the tourism and consumption activities in Hong Kong, the Sino US trade friction was heating up, the economic downturn would continue to affect the consumer market, and retail industry remained weak in the short term. If violent social incidents can not be subsided, the retail industry will deteriorate further. "

 

 

 

Since the protests in Hongkong, tourism and retail businesses in Hongkong have been hit hard. Traffic congestion and violent protests have led to a sharp decline in the number of tourists to Hong Kong, and the retail industry has suffered a great deal. Lin Zhengyuee, chief executive of Hongkong, described the impact of protests on the economy "more serious than the SARS epidemic and the global financial crisis of 2008".

 

In June, the revision of the total retail sales in Hongkong was estimated to be 7.6% lower than that in the same period last year. The estimated retail sales in the first seven months of this year dropped by 4.4% over the same period last year.

 

According to the Hongkong Retail Management Association, most retailers in Hongkong lost more than 50% of their sales in August.

 

Not long ago, affected by the downturn in Hongkong's retail industry, Italy's luxury brand Prada (Prada) decided to withdraw from the lease of the Plaza 2000 store in Russell street, Tongluowan, after the expiration of the lease, and no longer rent it. Early Light Group, the shop owner, said that the monthly rent of the shop would be reduced by 44% to 5 million Hong Kong dollars after the Prada was withdrawn.

 

In the western part of Hongkong Island, 56 year old Mr. district said that the monthly sales of his seafood dry goods store dropped by about 20% compared with the beginning of the year. "This store is from my father. I have been in business for nearly 30 years, but I don't know what will happen in the future."

 

According to the retailer's main categories, Hongkong retail sales figures for July are as follows:

 

Jewelry, clocks and gifts: sales fell 24.4% year-on-year.

Clothing: sales fell 13% year-on-year

Drugs and cosmetics: sales fell 16.1% year-on-year

Department stores: sales fell 10.4% year-on-year

Food, alcoholic beverages and tobacco: sales fell 2.3% year-on-year.

Other unclassified consumer goods: sales fell 1.4% year-on-year

Electrical appliances and other unclassified durable consumer goods: sales fell 17.4% year-on-year

Auto and auto parts: sales fell 5.8% year-on-year

Fuel: sales fell 0.1% year-on-year

Footwear, related products and other clothing accessories: sales fell 10.1% year-on-year

Books, stationery and gifts: sales fell 6% year-on-year

Furniture and fixings: sales fell 8.7% year-on-year

Chinese medicine: sales fell 5.8% year-on-year

Optical store: sales fell 17.8% year-on-year

Supermarket goods: sales rose 1%