Retail sales in Hong Kong declined by about a quarter on an annual basis

Retail sales in Hong Kong marked another double-digit decline in November. Retail sales fell by 23.6% compared to a year earlier, declining for the tenth consecutive month. The decline in November was slightly lower than economists expected, as compared to the record shrinkage in October.

Sales fell by 25.4% in volume, according to a government release.

Both small and large retailers have suffered amid constant protests in the city that began in June. Data continued to show a decline in consumption in November. Sales of jewelry, watches and expensive gifts decreased by 44% compared to a year earlier. The end of the month came a calm period after a major election victory for pro-Democratic local candidates.

“Retail sales continued to decline sharply in November as local clashes became extremely violent, leading to very serious disruptions in tourism and consumption activities and further depressing consumer sentiment,” a government spokesman said in a statement. The retail outlook continues to depend on how social clashes develop, he added.

Visitors from mainland China, which account for the largest share of all arrivals in Hong Kong each month, declined by a record 58% in November. The total number of tourists has dropped below 3 million for the first time since February 2011.