Retail sales in Hong Kong plunged 33.9% year-on-year in May of 2020, following a 37.5% drop in the previous month. It was the 16th consecutive decline as sales continued to fall at department stores (-38.8%), for jewellery, watches and clocks (-72.4%), clothing and footwear (-32.2%), food, drinks and tobacco (-22.5%) and durable goods (-5.3%), namely motor vehicles and parts (-19%). Considering the first five months of the year, retail sales were down 36.5%. A government spokesman said that retail sales continued to fall sharply as inbound tourism remained at a standstill and jobs and income conditions were weak. Nonetheless, the decline narrowed further from that in April thanks to the stabilised local epidemic situation and consequential easing of social distancing measures. The business environment for retail trade remains difficult amid austere labour market conditions and the travel restrictions in place.
Retail Sales YoY in Hong Kong averaged 3.16 percent from 2005 until 2020, reaching an all time high of 30.60 percent in February of 2010 and a record low of -46.70 percent in February of 2020. This page provides the latest reported value for - Hong Kong Retail Sales YoY - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hong Kong Retail Sales YoY - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Census and Statistics Department, Hong Kong
Retail Sales YoY in Hong Kong is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in Hong Kong to stand at 4.40 in 12 months time. In the long-term, the Hong Kong Retail Sales YoY is projected to trend around 4.40 percent in 2021, according to our econometric models.