Retailers in Hong Kong express disappointment in their sales performance during the National Day Golden Week, with most of them seeing a double-digit drop in retail sales year-on-year due to the negative impact of the recent social activities. The drop in retail sales during the holiday week (October 1 to 5) ranged from 15 percent to over 50 percent year-on-year, with watches and jewelry, fashion and accessories, and the catering sectors seeing the largest declines, the Hong Kong Retail Management Association (HKRMA) said in a statement on its official website. The statement’s observations are as follows:
1. Member companies expressed disappointment in the retail sales performance
during the National Day Golden Week (1 to 5 October). The majority of them
recorded mid double-digit drop in retail sales compared with the same period a
year earlier.
2. The drop in retail sales during the National Day Golden Week ranged from 15% to over 50%, in which Watch & Jewellery, Fashion & Accessories and Catering sectors registered the largest drop.
3. Our SME members also expressed significant drop in retail sales, with the drop as high as up to 80%. SME retailers operating only in Mong Kok, Causeway Bay or Tsim Sha Tsui are most adversely affected.
4. We expected the negative impact of the recent social activities would be fully
emerged in the coming months, as both local consumption sentiment and the
tourist spending would be affected.
