Hong Kong: Retail sales drop again in July
Retail sales fell 13.3% year on year in July (June: -11.2% yoy). Looking at the details of the release, the drops in supermarket, jewelry, and clothing sales steepened in July from June.
Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 1.8% in July, contrasting June’s plus 0.5%.
As a result, Hong Kong retail sales are still languishing well below their pre-Covid-19 levels, weighed on by the still-incomplete recovery in tourist arrivals, the strong Hong Kong dollar, and the increasing number of Hong Kongers opting to shop on the mainland.