Published:
Retail spending drops to 17-year low
No thanks to weakened yuan.
South China Morning Post reported that with retail sales in Hong Kong plummetting to a 17-year-low, experts have called on the government to take action to better predict tourist spending habits.
"The city’s retail sales totalled HK$436.6 billion at the end of 2016, down 8 per cent compared to 2015, government figures released Friday showed. It marked the biggest drop in consumer spending since 1999. Continuing a sustained decline in consumer spending in the city, retail receipts totalled HK$42.4 billion in December alone – a 2.9 per cent drop year-on-year," the report said.
View the full report here.
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