Hong Kong: Retail sales decrease at sharper pace in December
Latest reading: Retail sales nosedived 11.5% year on year in December (November: -8.4% yoy). The notable downturn was due to drops across multiple spending categories.
Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 9.0%, down from November’s minus 7.6%.
Hong Kong retail sales remain well below their pre-Covid-19 levels, weighed on by the still-incomplete recovery in tourist arrivals, the strong Hong Kong dollar, and the increasing number of Hong Kongers opting to shop on the mainland.