By
Reuters
Revealed
February 3, 2025
Hong Kong’s December retail gross sales by worth fell by 9.7% from a 12 months earlier, reflecting the influence of residents’ elevated outbound journeys throughout the holidays, authorities information confirmed on Monday.
Reuters
Gross sales fell to HK$32.8 billion ($4.21 billion), a tenth month of declines after a 7.3% drop in November.
“The near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents,” a authorities spokesman stated, including varied measures by Beijing to spice up the mainland financial system and the Hong Kong authorities’s efforts to advertise tourism would increase sentiment.
Gross sales fell regardless of an increase in vacationer numbers, as consumers spent much less and fewer guests from mainland China stayed over.
In quantity phrases, December retail gross sales fell 11.5% from a 12 months earlier, in contrast with a revised 8.4% decline in November.
For the entire of 2024, whole retail gross sales worth decreased 7.3% in comparison with the identical interval in 2023, whereas the amount of whole retail gross sales fell 9.0%, based on provisional estimates.
China eased visa restrictions for Shenzhen residents visiting Hong Kong efficient Dec. 1.December customer arrivals stood at 4.26 million, up 8.3% from the identical month a 12 months in the past, information from the Hong Kong Tourism Board confirmed. That in comparison with 3.57 million in November, 4.09 million in October and three.06 million in September.
The variety of mainland Chinese language guests stood at 3.10 million in December, up 5.2% from a 12 months in the past. That in comparison with 2.56 million in November, 3.14 million in October and a pair of.29 million in September.
For the entire of 2024, whole customer arrivals stood at 44.5 million, up 30.9% from 2023.Gross sales of jewelry, watches, clocks and beneficial items fell 13.8% in December year-on-year after a 4.2% decline in November.
Gross sales of clothes, footwear and allied merchandise dropped 10.2% in December after a 5.2% decline in November.
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