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HKRMA: Multi-Entry Visas to Boost Footfall; Industry Still Concerned About HKers' LNY Travel
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Hong Kong's Census and Statistics Department announced yesterday (2nd) that the value of total retail sales in November 2024, provisionally estimated at $31.7 billion, decreased by 7.3% YoY, compared to the market expectation of a 3.4% YoY drop. Annie Yau Tse, Chairman of the Hong Kong Retail Management Association (HKRMA), explained that the decline in last November's retail data deepened MoM mainly due to a high base effect. Last October, Hong Kong experienced adverse weather conditions and a shorter Golden Week holiday, which led to a lower base, and so a more realistic situation emerged last November. Yau Tse also cited an HKRMA survey indicating that overall foot traffic improved in December 2024 with lower-priced goods benefiting more, such as cosmetics, fast food, and clothing. Most members reported a MoM rise in business in December. She believed that the "multi-entry" visas will gradually boost foot traffic and drive an increase in overall sales turnover and foot traffic in December. Looking ahead to the retail market in January 2025, Yau Tse said that the HKRMA survey reflected overall optimism in the industry, with over 50% of surveyed retailers expecting single to low double-digit growth in business. However, she emphasized that the situation of Hong Kong people traveling abroad during the long Lunar New Year holiday will continue to pose concerns for the local retail industry. AAStocks Financial News |
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