Hong Kong expects further retail challenges as July sales fall 11.8% from a year ago

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Hong Kong expects further retail challenges as July sales fall 11.8% from a year ago

A general view is showing a shopping mall in Hong Kong, on Aug. 1, 2024.

Vernon Yuen | NurPhoto | Getty Images

Hong Kong’s July retail sales fell 11.8% from a year earlier, government data showed on Friday, reflecting the continued impact of the change in consumption patterns.

Sales decreased to 29.1 billion Hong Kong dollars ($3.73 billion), the fifth consecutive monthly decline, following a 9.7% drop in June, a 11.5% slump in May, a 14.7% drop in April and a 7% fall in March.

A government spokesman said the decline in the value of total retail sales was due to the continued impact of the change in consumption patterns, a strong Hong Kong dollar and “more outbound travels by residents” during the holidays.

“Looking ahead…the retail sector will still face challenges in the near term,” the spokesman said.

In volume terms, retail sales in July fell 13.3% year-on-year, compared with a 11.2% drop in June, a 12.9% decline in May, a 16.5% plunge in April and a 8.7% decline in March.

For the first seven months of 2024, retail sales value fell 7.3% year-on-year and volume was down 8.9%.

July visitor arrivals stood at 3.921 million, up 9.3% on the year-earlier *******, data from the Hong Kong Tourism Board showed. That compared with 3.132 million visitors in June.

The number of mainland ******** visitors stood at 3.140 million in July, up 5.5% year-on-year.

Sales of jewelry, watches, clocks and valuable gifts in July dropped 25% year-on-year after a 23.1% drop in June.

Sales of clothing, footwear and accessories dropped 17.9% in July following a 9.1% drop in June.

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