Hong Kong flags retail challenges as May sales slump 11.5% on-year

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Hong Kong flags retail challenges as May sales slump 11.5% on-year - Channel News Asia

Quick Summary:

HONG KONG: Hong Kong's May retail sales fell 11.5 per cent from a year earlier, government data showed on Tuesday (Jul 2), reflecting a surge in outbound trips, strength in local currency and a high base of comparison for visitor spending last year.

Hong Kong's sales decreased to HK$30.5 billion (US$3.

"The retail sector may still face some challenges in the near term," the spokesman said, adding that the retail sector can seize new opportunities by adapting to changing consumption patterns through revised sales mode and venturing into new businesses.