Hong Kong retail sector takes a battering as sales plunge 11.1 per cent
- City sees sharpest decline in more than 20 years against backdrop of trade war and civil unrest
- More uncertainty lies ahead with coronavirus claiming its first victim in the city
Retail sales totalled HK$431.2 billion by the end of 2019, posting the biggest year-on-year drop since 1998, when retail sales were down about 17 per cent from the previous year.
The Census and Statistics Department released the provisional estimate on Tuesday, with a government spokesman noting the volume of retail sales shrank 24.1 per cent in the last three months of 2019, from the same period in 2018 – the largest quarterly decline on record.
“The business environment for retail trade has become even more difficult recently, with the threat of the coronavirus infection heavily weighing on inbound tourism and local consumption sentiment,” the spokesman said.
“The near-term outlook for retail sales depends critically on how the situation of the coronavirus infection will evolve.”
