Retail Industry In Hongkong Slipped For Sixteenth Consecutive Months

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A spokesman for the HKSAR government said that the stagnation of inbound tourism and the weak employment development led to a decline in retail sales in Hongkong. However, due to the gradual stabilization of the local epidemic, the decline in retail sales in May was better than 36.1% in April.

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In May, the total retail sales in Hongkong amounted to HK $26 billion 800 million, down 32.8% from the same period last year. The total retail sales in the first five months of this year dropped by 34.8% compared with the same period last year, and total retail sales fell by 33.9% over the same period last year. The sales volume of department stores decreased by 37.8% compared with the same period last year, and the sales of supermarkets increased by 7.3% over the same period last year.

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The serious downturn in tourism is also an important reason for the poor retail performance: in May, the number of inbound tourists in Hongkong dropped by 99.9% compared to the same period last year, only 8139, while the number of tourists from the mainland also dropped by 99.9%, to 5670.

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The retail sales of other commodity categories in May are as follows:

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Sales of jewellery, watches and watches fell by 69.7% over the same period last year.

Sales of pharmaceuticals and cosmetics industry fell by 62% over the same period last year.

Sales of footwear, related products and other clothing accessories fell by 39.7% over the same period last year.

Sales of optical glasses decreased by 35.6% compared with the same period last year.

Alcohol and tobacco sales fell by 17% over the same period last year.

Chinese herbal medicine sales fell by 35.4% over the same period last year.

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Since the turmoil of Hongkong in June of last year, many international retailers have begun to withdraw. Earlier last month, Folli Follie, a Greek jewellery brand, shut down all its stores in Hongkong and severed all its 60 employees in Hongkong.

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In June 24th, the secret of the famous American underwear brand Victoria in Vitoria (the s Secret) closed the flagship store in Tongluowan, Hongkong, which was only 2 years old, because the tourism industry in Hongkong declined sharply, and the company suffered huge economic losses due to the new crown virus epidemic.