Hong Kong November retail sales fall 7.3% in value
2025.01.02 04:59
HONG KONG (Reuters) -Hong Kong’s November retail sales fell 7.3% by value from a year earlier, reflecting a change in consumption patterns and the relatively strong Hong Kong dollar, government data showed on Thursday.
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 government spokesperson said.
Sales fell despite a rise in tourist numbers, as shoppers spent less and fewer visitors from mainland China stayed over.
The government said the introduction of various measures by Beijing to boost the mainland economy, including the resumption of a multiple-entry visitors’ scheme for Shenzhen residents to Hong Kong, would support spending.
In volume terms, November retail sales fell 8.3% from a year earlier, compared with a revised 4.8% fall in October.
For the first 11 months of 2024, total retail sales value decreased 7.1% compared to the same period in 2023, while the volume of total retail sales fell 8.7%, according to provisional estimates.
China eased visa restrictions for Shenzhen residents visiting Hong Kong effective Dec. 1.
November visitor arrivals stood at 3.57 million, up 8.5% from the same month a year ago, data from the Hong Kong Tourism Board showed. That compared to 4.09 million in October, 3.06 million in September and 4.45 million in August.
The number of mainland Chinese visitors stood at 2.56 million in November, up 5.3% from a year ago. That compared to 3.14 million in October, 2.29 million in September and 3.66 million in August.
Sales of jewellery, watches, clocks and valuable gifts fell 5.4% in November year-on-year after an 11.6% decline in October.
Sales of clothing, footwear and allied products dropped 6.7% in November after a 10.2% decline in October.
($1 = 7.7772 Hong Kong dollars)
