Retail Sales Slumping in Hong Kong

by WatchReport

hong kong

The last time retail sales fell in Hong Kong was during the Sars epidemic of 2003 but this year thereโ€™s no virus to blame for slumping sales of luxury goods. According to a report from the South China Morning Post, Hong Kongโ€™s retail sales fell .02% in 2014 โ€œmainly due to lower sales of luxury products.โ€

The usually lucrative holiday season failed to deliver in 2014, with retail sales dropping by 3.9% and sales of luxury items like jewelry and watches falling 13.7%. Barclayโ€™s analyst Phoebe Tse pointed out that luxury-loving Chinese customers were spending their money elsewhere as their overseas spending jumped 49% in December.

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