Hong Kong retail sales fall in April
Provisional data from the Census and Statistics Department on Friday showed the city's retail sales for April fell 14.7 percent from a year earlier, partly due to a drop in visitor spending and a large number of outbound trips during the Easter holidays. Sales decreased to HK$29.6 billion in the second consecutive month of decline after a seven percent drop in March. For the first four months of 2024 taken together, it was provisionally estimated the value of total retail sales decreased by 4.7 percent compared with the same period in 2023. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in April 2024 saw it decrease by 16.5 percent compared with a year earlier. "The value of total retail sales declined notably in April from a year earlier, partly because the Easter holidays rendered the effects of the changing consumption pattern of residents more visible," a government spokesman said.  "A large number of residents made outbound trips during the Easter holidays. This not only affected their local consumption during their time away but also could have reduced consumption in the days before and after the trips." The spokesman added that unstable weather in April also had an impact on spending. Looking ahead, he said the changing consumption patterns of visitors and residents would continue to pose a challenge to the local retail sector. Still, the government hoped the revival of inbound tourism and rising earnings, as well as the new round of mega events plus the recent stabilisation of asset markets such as property would provide support to the market and boost the economy.