Hongkong'S Retail Sales In October Dropped By 24.3% Year-On-Year.

 

The estimated value of Hongkong's retail sales in October was HK $30 billion 100 million, down 24.3% from last year, a record drop. Among them, sales of jewellery, watches and clocks and precious gifts were the largest, with a decrease of 42.9% compared with last year. After removing the price change factors, the total sales volume of Hongkong's retail industry in October dropped by 26.2% compared to the same period last year, and the total sales in September dropped by 20.3% compared to the same period last year.

 

The provisional estimate of total retail sales in Hongkong in the first 10 months of this year dropped by 10% compared with last year.

 

 

 

Hongkong's social situation continues to be turbulent, causing local tourism, education, transportation, retail and other industries to be seriously affected. Many shops have to choose to suspend business temporarily, and airports, subways and some schools have to be temporarily closed. In addition, according to the data of Hongkong Tourism Development Bureau, the number of tourists in Hongkong dropped by 43.7% to 3 million 310 thousand in October, and the number of mainland tourists in Hong Kong dropped by 45.9% over the same period last year.

 

Some analysts believe that in view of the current situation, coupled with the decline in the consumption rate of the RMB exchange rate impact, the future of Hongkong's retail industry is not optimistic.

 

A spokesman for the government said that due to increased violence in local social events, a serious blow to consumer sentiment and a major interference in tourism and consumption related activities, Hongkong's retail sales in October continued to decline sharply, breaking a record.

 

At the same time, the spokesman also said that stopping violence and restoring social order is the key to creating an environment for the recovery of retail industry. The government will closely monitor the situation and its impact on the labour market and the economy as a whole.

 

According to the retailer category, Hongkong retail sales data for October (provisional estimate) are as follows:

 

Electrical appliances and other unclassified durable consumer goods: sales fell 16% year-on-year

Jewelry, clocks and gifts: sales fell 42.9% year-on-year

Food, alcoholic beverages and tobacco: sales fell 11.6% year-on-year

Department stores: sales fell 31.1% year-on-year

Drugs and cosmetics: sales fell 33.5% year-on-year

Clothing: sales fell 36.9% year-on-year

Other unclassified consumer goods: sales fell 23.3% year-on-year

Auto and auto parts: sales fell 19.9% year-on-year

Books, newspapers, stationery and gifts: sales fell 10.7% year-on-year

Footwear, related products and other clothing accessories: sales fell 37% year-on-year

Furniture and fixtures: sales fell 8.2% year-on-year

Chinese medicine: sales fell 18.9% year-on-year

Optical store: sales fell 26.5% year-on-year

Supermarket goods: sales increased by 0.5% over the same period last year.

Fuel: sales increased by 4.5% over the same period last year.