Hong Kong Retail Sales Down 8.1% in 2016

Hong Kong's total retail sales fell 8.1% to HKD436.6 billion in the year of 2016 from 2015, government released figures showed. It marked the biggest yearly drop in the retail spending since 1999.

December alone marked a 2.9% drop year-on-year. retail sales totalled HKD42.4 billion during the month.

Jewellery and luxury goods sales fell up to 17.2% year on year by value; personal care and cosmetics products fell 0.1%; while electronic products sales declined 23.8%

Total sales in the fourth quarter were up 2.3% on the third quarter, and December’s year-on-year sales decline narrowed compared with previous months, reflecting a revival in tourist arrivals that month, a government spokesperson said.

- APMR News