Hong Kong’s retail sales in November declined by 5.5%

Hong Kong’s retail sales by value fell 5.5% in November from a year earlier to 36.0 billion Hong Kong dollars (US$4.64 billion) due to reduced tourist spending, according to the Census and Statistics Department.

The decline was worse than October’s 2.9% fall, the department said. For the first 11 months of 2016, the value of total retail sales decreased by 8.6% compared with the same period in 2015, it added.

Hong Kong’s retail sales by volume fell 5.6% in November from a year earlier, worse than October’s 2.7% fall. The January-November retail sales by volume dropped 7.6% from a year earlier.

“Looking ahead, the performance of retail sales will depend on whether inbound tourism would improve and whether the various external uncertainties would affect local consumer sentiment,” a government spokesman said.

Landmark Mall, Hong Kong