Hong Kong retail sales suffer worst decline on record amid anti-government protests and US-China trade war
- Value of sales plunges 23 per cent to HK$29.4 billion in August, compared with same month last year
- Government says year-on-year fall is steeper than the drop recorded during Asian Financial Crisis
Retail sales in Hong Kong plunged a record 23 per cent in August compared with the same month last year, amid the double whammy of anti-government protests and the US-China trade war.
The figure dropped to HK$29.4 billion (US$3.76 billion) in August year on year, the Census and Statistics Department revealed on Wednesday.
A government spokesman said retail sales by value registered the steepest year-on-year decline for a single month on record, even worse than that posted in September 1998 during the Asian financial crisis.
“Apart from the weak consumer sentiment amid subdued economic conditions, the plunge in August mainly reflected the severe disruption to inbound tourism and consumption-related activities caused by the local social incidents,” he said.
The 9,000-member Hong Kong Retail Management Association warned the worst was yet to come and October’s retail sales could reach a new low as anti-government protests showed no signs of abating.