The Value Of Total Retail Sales In Hong Kong Decreased By 12.9% Year On Year In September

 

According to a report by the Hong Kong SAR government, the value of total retail sales in Hong Kong fell by 12.9% year-on-year to HK $26.1 billion in September, slightly better than the 13.1% decline in August, but larger than the 12.3% decline predicted by the Bloomberg News Agency. Total retail sales in Hong Kong fell 13.4% in September from a year earlier, the same decline as in August.

 

In the first nine months of this year, the value of total retail sales decreased by 28.7% year-on-year, and the total volume of retail sales decreased by 30.0% year-on-year.

 

"In the short term, the business environment of the retail industry will still face challenges, inbound tourism is unlikely to rebound rapidly, and the labor market is still under pressure," the Hong Kong SAR government said in the report. However, with the stabilization of the local epidemic situation and the recent relaxation of social distance measures, local consumer sentiment may further recover. "

 

The value of sales in most retail categories continued to decline. According to the sales value, the retail sales of various commodity categories in September are as follows:

 

Food, alcoholic beverages and tobacco: sales value decreased by 11.1% year on year

Jewelry, watches and precious gifts: sales value decreased by 25.7% year on year

Electrical appliances and other durable consumer goods: sales value decreased by 38.7% year on year

Clothing: sales value decreased by 20.6% year on year

Sales value of cosmetics and medicines decreased by 45.5%

Fuel: sales value decreased by 4.6% year on year

Footwear and other clothing accessories: sales value decreased by 16.2% year on year

Traditional Chinese medicine: sales value decreased by 4.6% year on year

Eyeglasses store: sales value decreased by 26.9% year on year

 

On the other hand, the sales value of supermarket goods increased by 3.8%, followed by department store goods by 5.5%, automobiles and auto parts by 17.1%, furniture by 8.4%, books, newspapers, stationery and gifts by 6.1%.

As the number of infected cases decreased in September and the export business rebounded, Hong Kong's economy showed preliminary signs of getting out of recession at the end of the third quarter. The government has been gradually relaxing social distance measures, which have seriously affected Hong Kong's tourism and service industries. Hong Kong is also working with Singapore to discuss a closed travel interchange.

 

According to government data released on Friday, Hong Kong's GDP fell 3.4% in the third quarter compared with the same period last year, which was lower than that expected by Peng Bo, but increased by 3% month on month, ending five consecutive quarters of decline. The reason is that the economic recovery in mainland China, the stabilization of new crown pneumonia cases and the enhancement of financial market activities have promoted the recovery process.