Hong Kong: Retail sales dip in January
Retail sales declined 14.5% in year-on-year terms in January, which was a deterioration from December’s -14.0% decrease. Looking at the details of the release, January’s drop was largely driven by a fall in fuel sales. In addition, sales also contracted in both the supermarkets, and food and non-alcoholic beverages sub-sectors. Lastly, jewellery, watches and valuables sales decreased at a softer rate, while clothing and footwear sales contracted at a softer pace than in the previous month.
Meanwhile, the trend improved, with the annual average variation of retail sales coming in at minus 23.4%, up from December’s minus 24.1% reading.