Hong Kong November retail gross sales fall 7.3% in worth

HONG KONG (Reuters) -Hong Kong’s November retail gross sales fell 7.3% by worth from a yr earlier, reflecting a change in consumption patterns and the comparatively sturdy Hong Kong greenback, authorities knowledge confirmed on Thursday.

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 tourists and residents will proceed to weigh on the efficiency of the retail sector,” a authorities spokesperson stated.

Gross sales fell regardless of an increase in vacationer numbers, as customers spent much less and fewer guests from mainland China stayed over.

The federal government stated the introduction of varied measures by Beijing to spice up the mainland financial system, together with the resumption of a multiple-entry guests’ scheme for Shenzhen residents to Hong Kong, would assist spending.

In quantity phrases, November retail gross sales fell 8.3% from a yr earlier, in contrast with a revised 4.8% fall in October.

For the primary 11 months of 2024, whole retail gross sales worth decreased 7.1% in comparison with the identical interval in 2023, whereas the quantity of whole 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 yr 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 yr 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 useful presents 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.

($1 = 7.7772 Hong Kong {dollars})