Hong Kong Retail Sales Plunge 10.1%

(RTTNews) - Hong Kong's retail sales value continued to decrease sharply in August, preliminary data from the Census and Statistics Department showed on Thursday.

The value of retail sales fell 10.1 percent year-on-year in August, following an 11.7 percent slump in July. Sales have been falling since March.

Meanwhile, online sales, which accounted for 8.0 percent of the total sales value in August, dropped slightly by 0.5 percent from last year versus a 0.8 percent increase in the previous month.

The annual decline in retail sales volume eased to 11.8 percent in August from 13.2 percent in the previous month.

Sales of jewelry, watches and clocks, and valuable gifts alone tumbled 29.9 percent, and those of clothing, footwear, and allied products dropped by 25.6 percent.

The decline in August was due to the continued impact of the change in consumption patterns, the relatively strong Hong Kong dollar, and increased outbound travels by residents during the summer holidays, among other factors, a government spokesman said.