Retail sales in Hong Kong fell for the 16th straight month in June from a year earlier period, following slowdown in visitor spending amid a weak economic growth. Also, the economic and retail outlook remained cloudy for the near-term.
Hong Kong's retail sales by volume fell 9.6 percent in June from a year earlier, worse than May's 8.8 percent drop and the survey's median forecast of 8.5 percent. In the three months through June, the volume of sales rose by 1.9 percent, seasonally adjusted, from the preceding three months.
Nevertheless, on a seasonally adjusted basis, retail sales improved moderately in the second quarter compared with the first quarter.
A government spokesman indicated that retail sales volume in June was still notably lower than the year-ago level, reflecting the fall in visitor spending and the more cautious consumer sentiment amid subpar economic conditions, Reuters reported.
Meanwhile, the city's retail sales performance in the near term will still depend on the performance of inbound tourism as well as the extent to which consumer sentiment will be affected by lingering uncertainty about the economic outlook, a government spokesman added.
