Hong Kong’s retail sales decreased at a faster-than-expected pace in November, preliminary figures from the Census and Statistics Department showed Monday.
The value of retail sales dipped 7.8 percent year-over-year in November, exceeding economists’ expectations for a 6.4 percent decline.
In October, sales had dropped 3.0 percent. Sales have been falling since March this year.
The volume of retail sales slid 6.0 percent annually in November, reversing a 1.2 percent increase in the preceding month.
The value of sales of jewellery, watches and clocks, and valuable gifts decreased by 20.6 percent in November from a year ago. This was followed by sales of commodities in department stores with 4.8 percent.
At the same time, the value of sales of commodities in supermarkets grew by 1.4 percent.
“The near-term performance of retail sales will likely be still constrained by the weakness of inbound tourism. The potential impacts on local consumer sentiment arising from an uncertain economic outlook amid the US interest rate normalization and other external headwinds also need to be closely watched, a government spokesman said.
“The Government will continue to monitor the performance of retail business and its repercussions on the wider economy and the job market.”