According to the government’s data released recently, the Retail sales in Hong Kong continued their downward trend in October, with the jewellery category recording the steepest decline.
The Census and Statistics Department said total retail sales in October plunged 24.3 percent, the largest year-on-year decline for a single month on record, due to increasingly violent social incidents in the city that disrupted consumption sentiment and tourist arrivals.
Retail sales of jewellery, watches and clocks, and valuables were down 42.9 percent; followed by clothing, footwear and allied products, which fell 36.9 percent; and department stores, which recorded a 31.1 percent drop.
Data from the Hong Kong Tourism Board meanwhile showed a 43.7 percent drop in tourist arrivals to Hong Kong in October to 3.31 million from 5.88 million during the same period last year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
The Census and Statistics Department said total retail sales in October plunged 24.3 percent, the largest year-on-year decline for a single month on record, due to increasingly violent social incidents in the city that disrupted consumption sentiment and tourist arrivals.
Retail sales of jewellery, watches and clocks, and valuables were down 42.9 percent; followed by clothing, footwear and allied products, which fell 36.9 percent; and department stores, which recorded a 31.1 percent drop.
Data from the Hong Kong Tourism Board meanwhile showed a 43.7 percent drop in tourist arrivals to Hong Kong in October to 3.31 million from 5.88 million during the same period last year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
