Hong Kong Retail Sales Decreased 0.2% In 2014

Hong Kong's total retail sales in 2014 were HKD493.3 billion, a year-on-year decrease of 0.2%.

According to statistics released by Census and Statistics Department of the Government of the Hong Kong Special Administrative Region, this is reportedly the first time for Hong Kong to see retail sales decrease since 2003 and it was the worst annual statistics over the past 11 years. In 2003, Hong Kong's retail sales decreased by 2.3%.

For specifics, retail sales of medicine and cosmetics increased by 9.3%; retail sales of food, alcoholic drinks, and tobacco increased by 6.6%; and retail sales of consumer durables increased by 19.4%; However, the retail sales of jewelry, watches, and expensive gifts decreased by 13.7% and the retail sales of electronic appliances and photographic equipment also decreased by 8.1%.

Between 2006 and 2013, Hong Kong boasted an average of 22% annual growth for jewelry sales.

In addition, Caroline Mak, chairman of Hong Kong Retail Management Association, said that tourist spending power decreased and anti-corruption campaigns in mainland China led to the bad performance of Hong Kong's jewelry retailing. The jewelry sales are still not optimistic in January and February 2015 and the decrease rate may be up to 10%.