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Hong Kong retail sales drop 23.6 percent in November

Friday 3 January 2020 14:56 CET | News

Hong Kong retail sales have continued to drop in November, as months of anti-government protests drew tourists away, Reuters reports.

Sales fell 23.6% from 2018 to USD 3.85 billion, according to government data. It was the tenth consecutive month of declines and compared with a revised 24.4% drop in October, which was the steepest on record.

Tourist arrivals in Hong Kong plunged 55.9% year-on-year in November, the steepest fall since May 2003, when the city was hit by an outbreak of severe acute respiratory syndrome (SARS). High-end retailers who rely heavily on mainland Chinese spending have been particularly hard hit.

The Hong Kong Retail Management Association (HKMA) estimates about 7,000 businesses, or more than one in ten retailers, will be forced to close in the next six months.

Source: Link


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Keywords: Hong Kong, retail, Hong Kong Retail Management Association, retailers
Categories: Payments & Commerce
Companies:
Countries: Asia, Hong Kong
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