Hong Kong: Retail sales record slowest growth since January in August
Retail sales rose 10.9% year on year in August (July: +14.1% yoy). August’s outturn marked the worst reading since January but was still elevated by historical standards. Looking at the details of the release, jewelry and clothing sales continued to be the key drivers of growth, buoyed by higher visitor arrivals. In contrast, fuel and food sales declined.
Meanwhile, the trend improved significantly, with the annual average growth of retail sales coming in at 11.8%, up from July’s 10.6% reading.