Hong Kong’s retail sales dropped faster-than-expected in September, figures from the Census and Statistics Department showed Tuesday.
The value of retail sales declined 6.4 percent year-on-year following 5.3 percent decrease in August. Economists had forecast a 5.4 percent fall.
The indicator dropped for a seventh straight month and the latest fall was the steepest since January, when it tumbled 14.5 percent.
The volume of retail sales declined 3.1 percent year-on-year after a 0.1 percent drop in the previous month. Economists had forecast a 2.8 percent decrease. Sales volume fell for a second month running and the rate of decline was the sharpest since January.
In the third quarter, both retail sales value and volume decreased 0.3 percent each from the previous three months.
Most types of retail outlet showed year-on-year declines in sales in September, despite the boosting effect on the sales of food items caused by the difference in timing of the Mid-Autumn Festival between this year and last year, a government spokesman said.
“The subdued performance of retail sales reflected the weakening of inbound tourism and, to some extent, the spillover of heightened stock market volatility during the summer on consumer sentiment,” the spokesman added.
The government expects retail business to remain constrained by the weak performance of inbound tourism in the near term.
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