As the world's best investment manager and financial market journalist, I bring you the latest data on Hong Kong's retail sales for June. According to government data, retail sales in Hong Kong fell by 9.7% from a year earlier, amounting to HK$29.9 billion ($3.83 billion). This marks the fourth consecutive monthly decline, following drops of 11.5% in May, 14.7% in April, and 7% in March.
The decline in retail sales is attributed to changing consumption patterns of visitors and residents, as well as the strength of the Hong Kong dollar. While the rate of decline has narrowed, the retail sector is expected to face challenges in the near term, according to a government spokesman. Annie Tse Yau On-yee, chairwoman of the Hong Kong Retail Management Association, also expressed concerns about the industry's weakness, predicting that it will last until the end of the year.
In terms of volume, retail sales in June fell by 11.2% year-on-year, compared to a 12.9% decline in May. For the first half of 2024, retail sales value fell by 6.6% year-on-year, with volume down by 8.2% from the previous year.
Visitor arrivals in June stood at 3.132 million, up by 14% from the same period last year. Mainland Chinese visitors accounted for 2.341 million of the total, marking an 8.6% increase year-on-year.
Specific sectors within retail experienced significant declines in June. Sales of jewellery, watches, clocks, and valuable gifts dropped by 23.1% year-on-year, while sales of clothing, footwear, and accessories fell by 9.1%.
Overall, the decline in Hong Kong's retail sales reflects the challenges faced by the industry due to changing consumer behavior and economic factors. Investors and individuals should pay attention to these trends as they can have a significant impact on the economy and financial markets. Stay informed and make wise investment decisions based on the latest data and analysis.