Retail sales decline for eighth straight month in October
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Retail sales in Hong Kong dropped for the eighth consecutive month in October amid a decline in the number of mainland tourists.
October sales fell 3 percent year on year to HK$37.2 billion, against an estimated decline of 5 percent, the Hong Kong Economic Journal reported.
By volume, retailed sales edged up 1.2 percent, compared with a 3 percent drop in September.
The improvement in the city’s retail sales volume was attributed to Apple’s launch of iPhone 6s and iPhone 6s Plus, which pushed up sales of consumer goods.
However, sales of luxury goods such as jewelries, watches and accessories continued to slump.
Thomson Cheng, chairman of the Hong Kong Retail Management Association, expects the weak trend in retail sales to persist for the remainder of the year as more Hong Kong people travel abroad during the festive season.
Questions & Answers
Q.What was the estimated decline for October's retail sales?
What was the estimated decline for October's retail sales?
The Hong Kong Economic Journal estimated a 5 percent decline for October's retail sales. The actual drop was 3 percent year on year, totalling HK$37.2 billion.
Q.Which specific product launch contributed to the improved retail sales volume?
Which specific product launch contributed to the improved retail sales volume?
Apple's launch of the iPhone 6s and iPhone 6s Plus was attributed as the reason for the improvement in the city's retail sales volume. This pushed up sales of consumer goods.
Q.What types of goods continued to experience a slump in sales?
What types of goods continued to experience a slump in sales?
Sales of luxury goods, including jewelries, watches, and accessories, continued to slump in October. This contrasts with the uplift seen in general consumer goods.
Q.What is the forecast for retail sales for the rest of the year?
What is the forecast for retail sales for the rest of the year?
Thomson Cheng, chairman of the Hong Kong Retail Management Association, expects the weak trend in retail sales to continue. This is due to more Hong Kong people travelling abroad during the festive season.
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