Retail sector woes continue despite New Year festivities
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Hong Kong’s retail sector woes continued in the second month of this year when sales tumbled by more than 20 percent during the period when the Lunar New Year is celebrated. The value of total retail sales in February, provisionally estimated at HK$37 billion, was down by 20.6 percent compared with the same month in 2015. The revised estimate of the value of total retail sales in January dropp…
Hong Kong’s retail sector woes continued in the second month of this year when sales tumbled by more than 20 percent during the period when the Lunar New Year is celebrated. The value of total retail sales in February, provisionally estimated at HK$37 billion, was down by 20.6 percent compared with the same month in 2015.
The revised estimate of the value of total retail sales in January dropped by 6.6 percent compared with a year earlier. For the first two months of this year, retail sales fell by 13.6 percent compared with the same period in 2015.
January and February retail sales of jewelry, watches and clocks, and valuable gifts dropped by 24.2 percent, the government said.
Apparel sales fell by 11.4 percent, while commodities in department stores fell by 12.3 percent.
Sales of electrical goods and photographic equipment were down by 26.7 percent and miscellaneous consumer durable goods dropped by 31.9 percent. Motor vehicles and parts sales tumbled by 21.2 percent.
Questions & Answers
Q.What was the provisional estimate for Hong Kong's total retail sales value in February?
What was the provisional estimate for Hong Kong's total retail sales value in February?
The provisional estimate for the total value of retail sales in February was HK$37 billion. This represented a decline of 20.6 percent when compared to the same month in 2015.
Q.Which retail category experienced the largest decline in sales during January and February?
Which retail category experienced the largest decline in sales during January and February?
Sales of miscellaneous consumer durable goods saw the largest decline, dropping by 31.9 percent. Electrical goods and photographic equipment sales also fell significantly, by 26.7 percent.
Q.How much did total retail sales fall in the first two months of this year compared to the same period last year?
How much did total retail sales fall in the first two months of this year compared to the same period last year?
Total retail sales for the first two months of this year fell by 13.6 percent. This comparison is made against the same period in 2015, indicating a continued downturn in the sector.
Q.By what percentage did sales of jewelry, watches, clocks, and valuable gifts decrease in January and February?
By what percentage did sales of jewelry, watches, clocks, and valuable gifts decrease in January and February?
Sales of jewelry, watches, clocks, and valuable gifts dropped by 24.2 percent during January and February. This figure was reported by the government, reflecting a significant downturn in this category.
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