Business
15:29, 29-Jun-2017
Hong Kong's retail sector in readjustment mode
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Hong Kong's retail sales beat estimates to edge up one-tenth of one percent in April, the second month of gain.
But consumer durables sales are falling, blame it on an 18 percent plunge in sales of electronics. Auto sales also fell in April by 13.9 percent. Sales of jewelery and luxury watches are expected to remain sluggish.
Mainland visitors have been major contributors to Hong Kong's retail sales. Over 42 million mainlanders visited Hong Kong in 2016, more than 20 times the visits in 1997.
But Hong Kong is losing to competition from regional peers like Tokyo and Seoul. That's why the Hong Kong Tourism Board unveiled a package of deals in May to lure mainland shoppers.
With signs of a rebound in tourism from the Chinese mainland, Hong Kong retail sales may grow 1 percent this year.
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