Hong Kong: Retail sales drop again in June
Retail sales fell 11.2% year on year in June (May: -12.7% yoy). June’s somewhat smaller drop was driven by weaker contractions in fuel and clothing sales.
Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 0.5%, down from May’s 2.8% reading.
Hong Kong retail sales fell by double digits in Q2 as a whole and are still languishing well below their pre-Covid-19 levels, weighed on by the still-incomplete recovery in tourist arrivals and the increasing number of Hong Kongers opting to shop on the mainland.