Hong Kong January retail sales value falls 3.2pc
Business
In volume terms, January retail sales fell 5.2pc from a year earlier
HONG KONG (Reuters) - Hong Kong's retail sales by value fell by 3.2% in January from a year earlier, marking an 11th consecutive month of declines despite a surge in tourist numbers, government data showed on Monday.
Sales declined to HK$35.3 billion ($4.5 billion), with the percentage change narrowing from a revised 9.6% drop in December, reflecting the earlier arrival of the Lunar New Year this year.
Sales fell as shoppers spent less and fewer visitors from mainland China stayed over, while local residents spent more across the border taking advantage of the strength of the local currency.
The near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents, a government spokesperson said.
In volume terms, January retail sales fell 5.2% from a year earlier. That compares with a revised 11.3% decline in December and an 8.4% drop in November.
China eased visa restrictions for Shenzhen residents visiting Hong Kong effective December 1, 2024.
January visitor arrivals stood at 4.74 million, up 24% from the same month a year ago, data from the Hong Kong Tourism Board showed. That compared with 4.26 million in December, 3.57 million in November and 4.09 million in October.
The number of mainland Chinese visitors stood at 3.73 million in January, up 24.8% from a year ago. That compares to 3.10 million in December, 2.56 million in November and 3.14 million in October.
Sales of jewellery, watches, clocks and valuable gifts fell 17.9% in January year-on-year after a 14.5% drop in December.
Sales of clothing, footwear and allied products increased 2.2% in January after 11.1% decline in December.
