Retail sales slumps 7.8 per cent in HongKong
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Hong Kong retail is going on its year-long downturn, with an estimate of total retail deals drooping 7.8 percent to HK$38.1 billion last November contrasted to figures a year before. This is the most noticeable bad month to month execution since January previous year ago, denoting its twelfth consecutive month of turn down.
The city’s once blasting retail area is on its voyage to record its most exceedingly bad year since 2003 when SARS hit as the value of retail sales in the initial 11 months a year ago fell by 3.1 percent contrasted to the same period in 2014. Among all the retail classifications, jewellery, watches and clocks and other gifts positioned most exceedingly bad, with deals down 20.6 percent. They were trailed by commodities in retail chains and attire, with deals declining 4.8 percent and 8.6 percent for each.
Most retail classifications saw sales retreat in November, with just three outlets recording growth: sales of grocery stores; food, mixed beverages and tobacco; and motor vehicles and parts. They extended 1.4 percent, 1.4 percent and 7.8 percent respectively. Alongside the estimation of retail deals, November volumes additionally diminished by six percent contrasted to a year before. A government representative said the “distinctly” slack retail deals were for the most part tottered by the lull in inbound tourism. Local utilization conclusions were prone to be influenced by a troubling financial viewpoint and late securities exchange remedies, he said.
Questions & Answers
Q.What is the primary reason the Hong Kong government attributes to the significant drop in retail sales?
What is the primary reason the Hong Kong government attributes to the significant drop in retail sales?
A government representative stated that the noticeable downturn in retail sales was largely impacted by the slowdown in inbound tourism. Local consumption sentiment was also affected by a troubling financial outlook and recent stock market corrections.
Q.Which retail categories experienced the most severe decline in sales during November?
Which retail categories experienced the most severe decline in sales during November?
Jewellery, watches, clocks, and other gifts recorded the steepest decline, with sales falling by 20.6 percent. Commodities in retail chains and attire also saw significant drops of 4.8 percent and 8.6 percent respectively.
Q.How do the current retail sales figures for November compare to previous periods?
How do the current retail sales figures for November compare to previous periods?
The 7.8 percent slump in November marks the twelfth consecutive month of decline and is the most significant monthly downturn since January of the previous year. This puts the sector on track for its worst year since 2003.
Q.Were there any retail sectors that managed to achieve sales growth in November?
Were there any retail sectors that managed to achieve sales growth in November?
Yes, three retail categories experienced growth during November. Sales for grocery stores, food, mixed beverages and tobacco, and motor vehicles and parts all increased by 1.4 percent, 1.4 percent, and 7.8 percent respectively.
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