What: sales continue to decline

Why it is important: recession in HK started before the pandemic, and retail sales have been declining every month since January 2019. The social unrest and protests in the streets were tough for retailers, and were followed by the pandemic that was another blow

The holiday season did not bring much benefits to HK retailers, and retail sales by volume fell a record 25.5% in 2020. Significant declines were seen across department stores, jewellery and clothing, and also in industries including food, alcoholic drinks and tobacco. However there is hope that Hong Kong’s economy will rebound in 2021, depending

on the rollout of vaccines. The retail sector, the F&B, and all the entertainment should revive, but with travels still on hold touristic activities will stay low for a while longer.

New Virus Variant Sees Hong Kong Retail Sales Plummet