Hong Kong’s retail industry plummeted, and performance fell for 10 consecutive months! November sales of jewelry and watches fell over 40%
Under the turmoil of amendments that lasted for six months, Hong Kong’s retail industry was the first to suffer a severe setback. On January 3, the Census and Statistics Department of the Hong Kong Special Administrative Region Government announced the latest retail results. In November 2019, the value of total retail sales fell by 23.6% year-on-year, which is the 10th consecutive month of decline. Entre eles, the sales of jewellery, watches and precious gifts The value dropped by 43.5%, making it a “severe disaster area”.
According to statistics from the Census and Statistics Department of the Hong Kong Special Administrative Region Government, the value of total retail sales in November 2019 was provisionally estimated at 30 billion yuan, a year-on-year decrease of 23.6%. After deducting price changes, the total retail sales volume in November fell by 25.4%.
Hong Kong’s retail industry plummeted, and performance fell for 10 consecutive months! November sales of jewelry and watches fell over 40%
From the perspective of retail categories, the sales value of jewellery, watches and precious gifts fell the most severely, down 43.5%, medicines and cosmetics fell 33.4%, department store goods also fell 32.9%, and clothing fell 31.9%. Além disso, the value of sales of electrical appliances and other unclassified consumer durables fell 18.6%, food, alcoholic beverages and tobacco fell 11%, Chinese medicine fell 23.4%, and optical shops fell 27.9%.
The Southern Metropolis reporter learned that this is the 10th consecutive month of decline in the value of Hong Kong’s retail sales since February 2019. Looking back at the Hong Kong retail industry data for the first 11 months of 2019, the value of total retail sales in Hong Kong in January 2019 had a strong year-on-year increase of 7.1%, but in February it fell by 10.1% year-on-year, and averaged in the following 2-6 meses. There was a slight drop in single digits.
No entanto, since the turmoil of the amendment, the total retail sales value of Hong Kong’s retail industry has experienced a double-digit drop. From July to October 2019, the total retail sales value of the retail industry fell 11.4%, 23%, 18.3%, e 24.3% respectively, of which 8 The provisional valuation of the monthly retail sales value was only 29.4 billion yuan, the lowest total value in an 11-month period. In October 2019, it set the largest monthly decline on record.
On December 29, 2019, Hong Kong’s Chief Secretary for Administration Zhang Jianzong posted on the official website of the SAR government that Hong Kong’s economy will enter a recession in the third quarter of 2019. The forecast for the entire year is a 1.3% economic contraction, which is the first negative growth in 10 anos. The incident “has caused Hong Kong to face the most severe and complicated situation in the 22 years since its return.”
In response to the latest situation in Hong Kong’s retail industry in November, the Hong Kong Special Administrative Region government stated that retail sales continued to decline sharply in November because local social incidents have become extremely violent, severely disrupting tourism and consumption, and further damaging consumer sentiment. “The short-term prospects of the retail industry depend on the development of local social events. Portanto, stopping violence and restoring social order are of utmost importance to the retail industry and the overall economic recovery.”
