- Hong Kong Retail Sales Plunge 7.5% YoY, Fall For 14th Consecutive Month
by Tyler Durden, www.zerohedge.com
Hong Kong’s retail sales fell for the 14th consecutive month in April, plunging 7.5 percent from a year ago. April was slightly less severe than a revised estimate of a 9.8 percent YoY contraction in March.
April sales of jewellery, watches, clocks and valuable gifts fell 16.6 percent in value terms, a 20th consecutive month of decline, while durable consumer goods fell the most at 31.6 percent, followed by electronics and photographic equipment which fell 23 percent. Consumers seem to be drinking more alcohol and buying more groceries however, as supermarket sales and alcoholic drinks and tobacco were up 2.4 percent and 5 percent respectively.
The slowing economy in mainland China continues to have a significant impact, as tourists from mainland China, which make up 73.8 percent of the total, fell 4 percent from the prior year.