Hong Kong’s retail sales declined at a faster rate in June, exceeding the consensus estimate, data from the Census and Statistics Department showed Thursday.
The retail sales value fell 6.9 percent year-over-year in June following the revised 3.9 percent drop in May. This was worse than the 5.1 percent decrease expected by economists.
By volume, retail sales fell a price-change adjusted 7.5 percent in June, more than the 5.2 percent decrease expected by economists. In May, the volume of retail sales had declined 4.5 percent.
The value of sales of jewelry, watches and clocks, and valuable gifts decreased the most, by 28.2 percent in June, contributing negatively to the overall drop in sales. This was followed by a drop in sales of commodities in department stores and other consumer goods.
In the January to June period, retail sales value fell 1.3 percent year-over-year and volume shrunk 1.1 percent.
In the second quarter, the retail sales value decreased 7 percent from the first three months of the year. The volume of retail sales declined 8.4 percent.
“Retail sales registered another year-on-year decline in June, largely because the sharp fall in the sales of jewelry, watches and clocks, and valuable gifts persisted, conceivably indicating the moderation in tourist spending on some big-ticket items against a still high base of comparison in June last year,” a government spokesman said.
“Looking ahead, the near-term performance of retail sales will remain susceptible to the base effects and the changing visitor spending pattern, although the still favorable labor market conditions should render some support.”
Published: 2014-07-31 10:40:00 UTC+00
Hong Kong June Retail Sales Fall More Than Expected
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