Hong Kong December retail sales fall for 11th month as protests take toll

February 04, 2020, 04.31 PM | Source: Reuters
Hong Kong December retail sales fall for 11th month as protests take toll

ILUSTRASI. People walk past a H&M fashion chain store at Tsim Sha Tsui shopping district in Hong Kong.


TOURISM HIT

Tourist arrivals in Hong Kong plunged 51.5% year-on-year in December, compared with a 55.9% plunge in November, which was the steepest fall since May 2003 - when the city was hit by an outbreak of the Severe Acute Respiratory Syndrome (SARS) epidemic.

December tourist arrivals fell to 3.2 million, according to the Hong Kong Tourism Board.

The number of mainland visitors fell 53.2% in December to 2.4 million.

Many businesses have felt the pain, especially some of the city's large luxury retailers who rely heavily on mainland Chinese spending, as the protests show no signs of easing.

Read Also: Hong Kong tutup perbatasan dengan China daratan

Sales of jewellery, watches, clocks and valuable gifts plunged 36.7% on-year in December, compared with a 43.5% drop in November, data showed. Medicines and cosmetics fell 29.9%, while department store sales dropped 25.3%.

The Hong Kong Retail Management Association (HKRMA) estimates about 7,000 businesses, or more than one in 10 retailers, will be forced to close in the next six months. HKRMA has urged landlords to cut rents.

Editor: Herlina Kartika Dewi

Latest News