HONG KONG-Hong Kong retail sales in March continued to slide but at a slower pace than in the year’s first two months, according to a government report.
Retail sales in March fell 0.2 percent year-on-year to HK$39.7 billion ($5.06 billion), while 2019 retail sales through February fell 1.6 percent year-on-year.
Annie Tse Yau On-yee, chairwoman of the Hong Kong Retail Management Association, said the March sales figures were boosted by the city’s favorable weather conditions, the return of the Hong Kong ePrix after a one-year absence, and a fifth weekend in the month.
The number of overnight mainland tourists in March increased significantly by 14.4 percent, the highest of this year, she added.
For the first quarter of 2019, the value of total retail sales was estimated to have decreased by 1.2 percent year-on-year, the government figures showed.
The modest decline of retail sales in March and the first quarter overall reflected the cautious consumption sentiment amid various external uncertainties, a government spokesman said on Friday.
The sales of medicines and cosmetics saw a 2.5 percent increase in March, while that of electrical goods and other consumer durable goods dropped by 15.6 percent. For jewelry, watches and clocks, and other valuable gifts, sales fell 2.6 percent.
Tse predicted retail sales in April to continue the downward trend
be further weakened compared with those of March.
The mini Golden Week, which began May 1 this year, is one day longer than last year’s, with 24 percent more mainland tourists visiting Hong Kong in the first two days compared with the previous year, Tse said. However, she said she believes that it’s still too early to anticipate the retail sales market performance although an increasing number of tourists are flocking in.
“Based on the feedback of our members before May 1, we estimated that the retail sales of this May 1 Golden Week may level off or record a single-digit increase as the sales value was high in the same period last year,” Tse said.
She added that the market retail sales in the second half will outperform the first half of this year. If the stock market and property market gradually become stable, the retail sales market will stabilize accordingly, she said.
The retail market forecast should continue to be affected by various external uncertainties in the near term, while the largely stable labor market and the sustained growth in inbound tourism should provide some support, a government spokesman said.
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