By
Reuters
Revealed
January 3, 2025
Hong Kong’s November retail gross sales fell 7.3% by worth from a 12 months earlier, reflecting a change in consumption patterns and the comparatively sturdy Hong Kong greenback, authorities knowledge confirmed on Thursday.
Reuters
Gross sales fell to HK$31.7 billion ($4.08 billion) in a ninth consecutive month of decline after a revised 2.8% drop in October.”The change in consumption patterns of visitors and residents will continue to weigh on the performance of the retail sector,” a authorities spokesperson stated.
Gross sales fell regardless of an increase in vacationer numbers, as buyers spent much less and fewer guests from mainland China stayed over.
The federal government stated the introduction of assorted measures by Beijing to spice up the mainland economic system, together with the resumption of a multiple-entry guests’ scheme for Shenzhen residents to Hong Kong, would help spending.
In quantity phrases, November retail gross sales fell 8.3% from a 12 months earlier, in contrast with a revised 4.8% fall in October.For the primary 11 months of 2024, complete retail gross sales worth decreased 7.1% in comparison with the identical interval in 2023, whereas the amount of complete retail gross sales fell 8.7%, in accordance with provisional estimates.
China eased visa restrictions for Shenzhen residents visiting Hong Kong efficient Dec. 1.
November customer arrivals stood at 3.57 million, up 8.5% from the identical month a 12 months in the past, knowledge from the Hong Kong Tourism Board confirmed. That in comparison with 4.09 million in October, 3.06 million in September and 4.45 million in August.
The variety of mainland Chinese language guests stood at 2.56 million in November, up 5.3% from a 12 months in the past. That in comparison with 3.14 million in October, 2.29 million in September and three.66 million in August.
Gross sales of jewelry, watches, clocks and precious items fell 5.4% in November year-on-year after an 11.6% decline in October.Gross sales of clothes, footwear and allied merchandise dropped 6.7% in November after a ten.2% decline in October.
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