Hong Kong May Retail Sales Slip 0.1% By Value, Improves from April

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The FINANCIAL — Hong Kong’s retail sales by value fell 0.1% in May from a year earlier, weighed by the fall in the sales of jewellery and other valuable gifts amid continued weakness in visitor spending, the Census and Statistics Department said on June 29, according to Nasdaq.

The rate of decline improved from April’s 2.2% fall.

The city’s retail sales by volume rose 4.6% in May from a year earlier, accelerating from April’s 2.4% increase.

Despite relative improvement from the previous month, the sales of big-ticket items such as jewellery, watches and clocks continued to register a double-digit year-on-year decline, a government spokesman said in the statement.

“The near-term outlook for retail sales will still depend much on the performance of inbound tourism. Yet, the stable job and income conditions should render some support to local consumer sentiment,” the spokesman added.

 

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