Hong Kong retail sales fall for 8 straight months, with 2.9% year-on-year drop in October
Authorities express optimism despite dip in sales, saying levels to rise with return of multiple-entry visas for Shenzhen residents, among other moves
Retail sales in Hong Kong dropped for the eighth month straight in October, falling by 2.9 per cent year on year, even as authorities have expressed optimism that spending will increase with the resumption of multiple-entry visas for Shenzhen residents.
Provisional estimates from the Census and Statistics Department on Friday put the total value of retail sales at HK$32.9 billion (US$4.2 billion) for the month.
A government spokesman said the drop showed the trend had already “narrowed”. The steepest decline over the past eight months was logged in April when retail sales fell by 14.7 per cent year on year.
The levels of decline in September, August and July stood at 6.9 per cent, 10 per cent and 11.7 per cent, respectively.
The spokesman said recent measures by mainland China would “help support consumption sentiment and economic activities in Hong Kong”, including the resumption of multiple-entry visas under the Individual Visit Scheme for residents of Shenzhen.
He also pointed to the scheme being extended to non-permanent residents of Shenzhen.
