A recent report by Reuters showed that Hong Kong’s July retail sales have sunk by the most since February 2016; amid anti-government protests.
In fact, retail sales in July fell 11.4% from a year earlier, government data showed last Friday, as social unrest hurt consumer sentiment and visitor arrivals started to fall. Furthermore, retail sales fell to HK$34.4 billion ($4.4 billion) in July, a sixth consecutive month of declines. Meanwhile, June’s decline was 6.7%. As for volume terms, retail sales in July fell 13%, compared with a 7.6% fall in June.
“For the first seven months of 2019, retail sales fell 3.8% in value from a year earlier and 4.4% in volume terms,” said the report.
