The ongoing pro-democracy protests have hit Hong Kong’s retail sales like never before. For the month of August, the retail sales in Hong Kong have registered the largest year-on-year decline on record.
It is reported that all aspects of trade have been hit, with the jewelry, watch, clock and valuable gifts category seeing a massive 47 percent decline in August.
According to media reports, department store sales fell 30 percent compared to a year ago with 30-80 percent of the city’s stores closed on October 1 due to city-wide protests that have caused a large decline in tourist numbers and weak local consumption. The Hong Kong Retail Management Association (HKRMA), predicts the results for September to be worse than August.