Retail sales grow at slowest pace in HK
Source: Bloomberg News |
August 31, 2012, Friday
|
Print Edition
Print Edition
HONG Kong's retail sales grew at the slowest pace in July since the global financial crisis as consumer sentiment weakened and Chinese mainland visitors pared spending on luxury goods.
Sales rose 3.8 percent, the least since September 2009 and down from an 11 percent gain in June, a government statement said yesterday. The median forecast in a Bloomberg News survey of nine economists was for an 8.8 percent rise and none predicted such a small gain.
The mainland's slowdown is rippling through Hong Kong by dragging on exports, weighing on confidence and encouraging the millions of mainlanders who visit each month to be more cautious in their spending. That has hurt sales of luxury goods including watches and jewelry in the former British colony.
Sales rose 3.8 percent, the least since September 2009 and down from an 11 percent gain in June, a government statement said yesterday. The median forecast in a Bloomberg News survey of nine economists was for an 8.8 percent rise and none predicted such a small gain.
The mainland's slowdown is rippling through Hong Kong by dragging on exports, weighing on confidence and encouraging the millions of mainlanders who visit each month to be more cautious in their spending. That has hurt sales of luxury goods including watches and jewelry in the former British colony.
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