Hong Kong April retail sales tumble 14.7% amid changing consumption pattern

HONG KONG : Hong Kong’s April retail sales fell 14.7 per cent from a twelve months earlier, partly attributable to a fall in customer spending and a surge in outbound journeys right thru the Easter holidays, authorities files showed on Friday.

Gross sales lowered to HK$29.6 billion ($3.seventy nine billion) within the 2d consecutive month of decline following a 7 per cent fall in March.

In volume terms, retail sales fell 16.5 per cent twelve months-on-twelve months in April, when put next with a revised 8.7 per cent decline in March.

“The changing consumption patterns of company and residents would proceed to illustrate challenges to the retail sector,” a authorities spokesman said.

“Nonetheless, the revival of inbound tourism, rising employment earnings, and the most recent stabilisation of asset markets would provide improve,” the spokesman said, adding the authorities’s efforts to promote a mega event financial system would relief.

Eight extra Chinese language cities own joined a blueprint allowing their residents to scoot back and forth to Hong Kong on their very beget, somewhat than as segment of a tour group, in efforts to enhance Hong Kong’s financial system. The entire form of cities within the blueprint is now 59.

Hong Kong will host extra than 100 mega events, in conjunction with leisure, convention and exhibitions, within the 2d half of twelve months.

April customer arrivals stood at 3.39 million, up 17.3 per cent from a twelve months-within the past length, files from the Hong Kong Tourism Board showed. That as soon as put next with 3.4 million in March, 4.0 million in February and 3.8 million in January.

The form of mainland Chinese language company stood at 2.48 million in April, up 7.8 per cent from a twelve months earlier. That as soon as when put next with March’s 2.46 million, February’s 3.25 million and January’s 2.98 million. There are indicators tourists are spending less.

Gross sales of bijou, watches, clocks and precious provides fell 28.7 per cent in April twelve months-on-twelve months after a 16.6 per cent decline in March.

Gross sales of garments, shoes and tools dropped 24 per cent in April after a 16.7 per cent decline in March.

($1 = 7.8167 Hong Kong dollars)