HONG KONG (Reuters) – Hong Kong’s April retail sales fell 14.7% from a year earlier, partly due to a drop in visitor spending and a surge in outbound trips during the Easter holidays, government data showed on Friday.
Sales decreased to HK$29.6 billion ($3.79 billion) in the second consecutive month of decline following a 7% drop in March.
In volume terms, retail sales fell 16.5% year-on-year in April, compared with a revised 8.7% decline in March.
“The changing consumption patterns of visitors and residents would continue to present challenges to the retail sector,” a government spokesman said.
“Nevertheless, the revival of inbound tourism, rising employment earnings, and the recent stabilisation of asset markets would provide support,” the spokesman said, adding the government’s efforts to promote a mega event economy would help.
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