Hong Kong retail sales will continue to rebound in 2018, industry experts predict
Improvements in retail sector expected to continue after sales rose for the tenth month last December, reversing a two-year slump
The recent recovery in Hong Kong’s retail sector will spill into this year, along with a continuous improvement in the number of tourists visiting the city, retailers have said.
Hong Kong’s retail sales will rise nearly 4 per cent this year, continuing last year’s rebound – which stood at 3.2 per cent – as more tourists are expected, Thomson Cheng, chairman of the Hong Kong Retail Management Association, the largest organisation of its kind with over 9,000 retail outlets, said on Thursday.
Hong Kong retail sales rose for the tenth month last December, reversing a two-year slump, official figures show. The steady rebound is set to continue as the city expects a bigger uptick in tourist arrivals and increasing purchasing power thanks to tax cuts.
A stronger yuan will also contribute to the sector’s solid momentum, Cheng said.
Hong Kong reboots with ‘back to the future’ budget as Paul Chan splashes HK$50 billion on hi-tech spending and HK$50 billion on goodies
The currency rose 9.4 per cent in the past year against the Hong Kong dollar, which is pegged to the US dollar.