4th wave could derail HK retail sales anew, says govt
The Hong Kong government said retail sales continued to improve in October but warned that a fourth wave of Covid-19 infections in the city could once again disrupt the retail business.
Jewellery sales, which saw high double-digit losses due to anti-government protests in 2019 and the coronavirus crisis at the start of 2020, fell by 26.6 per cent year on year in October, slightly worse than a 25.6 per cent dip in September.
Hong Kong recorded a 78.5 per cent contraction in jewellery sales at the height of virus infections in February.
From January to October this year, the figure was down 57.3 per cent. Sales started to show a slower rate of decline, with the city recording fewer number of coronavirus cases.
Overall retail sales saw a single-digit drop of 8.8 per cent, reflecting continued improvement in business and consumer sentiment. The government also attributed this to a lower base of comparison.
“With the fourth wave of the local epidemic spreading widely and quickly, the business environment of the retail trade may deteriorate again in the near term,” commented a government spokesman.
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