Hong Kong retail sales plunge by record 24.3 per cent amid pandemic in 2020, marking worst performance since records began
- Consumption dropped by 13.2 per cent to HK$31.4 billion in December, marking the 23rd consecutive month of contraction
- Sales of jewellery, watches and clocks and other high-value gifts declined the most at 40.8 per cent
Provisional figures released by the Census and Statistics Department on Tuesday showed the worst performance for the sector since records began in 2004, and a much bigger decline than the previous record slump of 11.1 per cent for 2019.
For 2020 as a whole, total retail sales came in at HK$326.5 billion (US$42.11 billion), a 24.3 per cent drop in value and 25.5 per cent decline in volume compared with the year before.
A government spokesman said retail sales in December worsened amid the fourth wave of infections which triggered a series of social-distancing rules. The business environment for the retail sector would remain challenging in the near term given the lack of inbound tourism and the ongoing health crisis, he warned.
Sales were hammered over the Christmas period, plunging 13.2 per cent year on year in December, worsening from the 4.1 per cent drop recorded in November.
