Jewelry and fashion sales slide in Hong Kong's April retail data
Retail sales by value fell by 2.3% in April from a year earlier to HK$28.9 billion ($3.68 billion), after a 3.5% fall in March.
In volume terms, sales slipped 3.3% from a year earlier, compared with a revised 4.7% decline in March.
While the territory saw a jump in visitors from mainland China, many came just for the day and did not spend much. In contrast, local residents spent more across the border, taking advantage of the Hong Kong dollar's relative strength against the Chinese yuan.
A Hong Kong government spokesman said 'ongoing changes in consumption patterns and competition among businesses amid the uncertain macroeconomic environment will still pose challenges' to the retail sector.
However, the spokesman added that the Hong Kong government's promotion of tourism, big events, and steady growth of the mainland economy will bolster consumer sentiment.
The data from the Hong Kong Tourism Board showed that April visitor arrivals stood at 3.85 million, up 13.5% from the same month a year ago. That compared with 3.82 million in March, 3.67 million in February, and 4.74 million in January.
Mainland Chinese visitors stood at 2.81 million in April, up 13.3% from a year ago. That compares with 2.75 million in March, 2.77 million in February, and 3.73 million in January.
Sales of jewelry, watches, clocks and valuable gifts fell 1.7% year-on-year in April after a 3.4% drop in March.
Sales of clothing, footwear and allied products declined 5.5% year-on-year in April after a 10.4% plunge in March.
($1 = 7.8438 Hong Kong dollars)
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