Retail sales in Hong Kong dropped for the eighth month straight in October, falling by 2.9 per cent year on year, even as authorities have expressed optimism that spending will increase with the resumption of multiple-entry visas for Shenzhen residents.
Provisional estimates from the Census and Statistics Department on Friday put the total value of retail sales at HK$32.9 billion (US$4.2 billion) for the month.
A government spokesman said the drop showed the trend had already “narrowed”. The steepest decline over the past eight months was logged in April when retail sales fell by 14.7 per cent year on year.
The levels of decline in September, August and July stood at 6.9 per cent, 10 per cent and 11.7 per cent, respectively.
The…
