Hong Kong Retail Sales Drop for Eighth Straight Month

Finance and Trade
01/12/2015 09:34

Retail sales fell again in October as a decline in Chinese tourists and weak consumer sentiment hurt spending. Sales of jewelry, watches, clocks and valuable gifts in value terms were down 17 percent, following a 22.9 percent drop in September and a 8.8 percent fall in August. Retail sales overall edged down 3 percent from a year earlier to $4.80 billion, following a revised 6.3 percent fall in September, and a 5.3 percent drop in August. In volume terms, October sales climbed 1.2 percent.

The government said in a statement that "the fall in the sales of jewelry, watches and clocks, and valuable gifts remained notable, reflecting the drag from the slowdown in tourist spending."