Panoramic view of a shopping mall in Hong Kong on August 1, 2024.
Yuan Tianqi | Noor Photos | Getty Images
Government data released on Friday showed that Hong Kong’s retail sales fell 11.8% year-on-year in July, reflecting the continued impact of changes in consumption patterns.
Sales fell to HK$29.1 billion ($3.73 billion), the fifth consecutive month of declines, following a 9.7% drop in June, an 11.5% drop in May, a 14.7% drop in April and a 7% drop in March.
A government spokesman said the decline in total retail sales was due to the continued impact of changes in consumption patterns, the strength of the Hong Kong dollar and “increased outbound travel by residents” during the holidays.
“Looking ahead…the retail industry will continue to face challenges in the short term,” the spokesman said.
In terms of quantity, retail sales fell by 13.3% in July, 11.2% in June, 12.9% in May, a sharp 16.5% drop in April, and 8.7% in March.
In the first seven months of 2024, retail sales fell by 7.3% compared with the same period last year, and retail volume fell by 8.9% compared with the same period last year.
Data from the Hong Kong Tourism Board shows that the number of inbound tourists in July was 3.921 million, an increase of 9.3% compared with the same period last year. This compares with 3.132 million tourists in June.
In July, there were 3.14 million tourists from mainland China, an increase of 5.5% compared with the same period last year.
Sales of jewelry, watches and luxury gifts fell 25% year-on-year in July after falling 23.1% in June.
Sales of clothing, footwear and accessories fell 17.9% in July, following a 9.1% decline in June.
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