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HKRMA: Last Dec Total Retail Sales Value Decline in Line; Retail Data Expected Flat This Yr
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Hong Kong's Census and Statistics Department announced on Monday (3rd) that the value of total retail sales in December 2024, provisionally estimated at $32.8 billion, decreased by 9.7% YoY, while the revised estimate of the value of total retail sales in November 2024 decreased by 7.3% YoY. Annie Yau Tse, Chairman of the Hong Kong Retail Management Association (HKRMA), believed that the decline in total retail sales value was within expectations given major factors such as Hong Kong people traveling abroad during the long Christmas holiday, changes in consumption habits of visitors to Hong Kong, and a significant weakening of spending power. Due to the high base of retail data in 1Q24, the performance may face bigger challenges in 1Q25, Yau Tse added. However, as the base effect weakens, the decline is expected to narrow from April 2025, with some months possibly recording mild increases. If the current market conditions remain unchanged, the HKRMA estimated that the annual retail data will remain flat YoY with a variation between positive and negative 2%. AAStocks Financial News |
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