Retail in Asia

In Markets

HK shop sales likely to slow down despite Mar rise

Retail sales growth in Hong Kong is expected to slow this quarter due to weaker local consumption and smaller growth in mainland tourists’ spending, despite the March figure exceeding market expectations.

Figures from the Census and Statistics Department on Thursday showed retail sales in March rose 17.3 percent year on year to HKD36.6 billion (USD4.72b). In February, sales grew 15.6 percent.

"The growth rate in March is higher than that of the previous month because the market was quiet in February after the Chinese New Year," said Caroline Mak Sui-king, Chairwoman of Hong Kong Retail Management Association.

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(Source: scmp.com)