HK Jewelry Sales Drop 47% As Retail Sales Suffer
October 06, 19
(IDEX Online) - Against the backdrop of ongoing pro-democracy protests, retail sales in Hong Kong registered the largest year-on-year decline on record. All aspects of trade have been hit with the jewelry, watch, clock and valuable gifts category seeing a massive 47 percent decline in August. Department stores sales fell 30 compared to a year ago with 30-80 percent of the city's stores closed on October 1 due to city-wide protests that have caused a large decline in tourist numbers and weak local consumption. According to the Hong Kong Retail Management Association (HKRMA), the results for September look likely to be worse.