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Can Hong Kong retail recover without tourists? msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Chart of the Day: Hong Kong’s Shopping Culture Battered by Covid-19 Hong Kong posted its steepest decline in retail sales since records began in 1981 as visitor numbers to the city collapsed and local residents tightened their belts amid the coronavirus pandemic, dealing another blow to the city’s already struggling economy. Total retail sales in 2020 fell 25.5% in volume terms, marking the sharpest decline since the government began compiling the data 40 years ago, Hong Kong’s Census and Statistics Department said on Tuesday. By value, sales fell 24.3% to HK$326.5 billion ($42.1 billion) after an 11.1% drop in 2019. In December, retail sales fell 13.2% to HK$31.4 billion from a year earlier, more than triple the pace of the 4.1% decrease in November. The acceleration of the decline was due partly to social distancing measures put in place to contain the fourth wave of Covid-19 infections in the city, the statistics department said. ....