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Tuesday, November 3, 2015, 17:28

Retail sales fail to look up

By Oswald Chan / chinadailyasia.com

HONG KONG - Hong Kong retail sales slackened further in September as the value of the city’s total retail sales plummeted 6.4 percent year on year.

"The figure reflects the difference in timing of the Mid-Autumn Festival between 2015 and 2014. The subdued performance also reflects the weakening of inbound tourism and to some extent, the spillover of heightened stock market volatility during the summer on consumer sentiment,” a government spokesman said in a press statement released Tuesday.

Total value of retail sales decreased 6.4 percent to HK$35.2 billion in September compared with corresponding period last year. The revised estimate of total retail sales value in August dropped 5.3 percent compared to a year ago. For the first none months of 2015, total retail sales value was 2.7 percent lower compared to a year earlier.

Looking ahead, the government expects the retail sector to be still constrained by the weak performance of inbound tourism in the near term and a dimmer global economic outlook. It will continue to monitor the retail business performance and its repercussions on the wider economy and the job market.

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