Retail in Asia

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Hong Kong retail sales decline at slower rate in October


Hong Kong’s retail sales continued to declined in October, though at a slower pace than in the previous month, preliminary figured from the Census and Statistics Department showed. The value of retail sales dropped 2.9 percent year-over-year in October, following a 4.0 percent decline in September. Similarly retail sales volume fell at a weaker pace of 2.7 percent annually in October after a 3.8 percent decrease in the prior month. The value of sales of jewellery, watches and clocks, and valuable gifts edged down 0,1 percent on year. Sales of commodities in department stores slid 0.8 percent and those off wearing apparel dipped by 5.1 percent. SEE ALSO: Is Hong Kong’s retail industry officially dead?  In contrast, the value of sales of commodities in supermarkets grew 3.5 percent and sales of food, alcoholic drinks and tobacco went up by 1.0 percent. “Looking ahead, the near-term outlook for retail sales will still hinge on the performance of inbound tourism as well as the extent to which local consumer sentiment will be affected by the various external uncertainties,” a government spokesman said. “The Government will continue to monitor closely the retail sales performance and its possible impact on the wider economy.”