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 put the total value of retail sales at HK$32.9 billion (US$4.2 billion) for that month, a nearly 3 per cent decrease from the same period in 2023.
A government spokesman said the drop recorded in October 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.
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 spokesman also said that recent measures by mainland China would “help support consumption sentiment and economic activities in Hong Kong”, including the resumption of multiple-entry visas under the Individual Visit Scheme for permanent residents of Shenzhen.
He also pointed to the scheme extension to non-permanent residents of Shenzhen with residence permits.
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