Tourists drag down Hong Kong retail sales
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Official Hong Kong retail sales figures for March show a 2.9 per cent year-on-year fall, blamed on shrinking in-bound tourist numbers.
According to data released by the Census and Statistics Department the fall follows a two per cent drop in January and February combined.
A government spokesman blamed the sluggish sales on a slowdown in inbound tourism.
“Most types of retail outlets recorded year-on-year declines in sales… Retail outlets selling certain consumer durable goods saw some notable increases in sales, mainly helped by the launch of certain smartphone models,” the spokesman said.
Weakened tourism is likely to continue to constrain growth, he said, “although the stable labour market conditions should still render support to local consumer sentiment”.
Questions & Answers
Q.What was the year-on-year change in Hong Kong retail sales for March?
What was the year-on-year change in Hong Kong retail sales for March?
Official figures show a 2.9 per cent year-on-year fall in retail sales for March. This decline was attributed to a reduction in inbound tourist numbers.
Q.Which specific product category saw increased sales despite the overall decline?
Which specific product category saw increased sales despite the overall decline?
Retail outlets selling certain consumer durable goods recorded notable increases in sales. This boost was mainly due to the introduction of new smartphone models.
Q.What is expected to support local consumer sentiment in Hong Kong?
What is expected to support local consumer sentiment in Hong Kong?
The government spokesman indicated that stable labour market conditions are expected to continue to provide support for local consumer sentiment.
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