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Hong Kong retail sales demonstrate the highest surge in almost 3 years
In November, Hong Kong's retail sales tacked on for the ninth month, thus demonstrating their best surge since February 2015. It was caused by firm consumer demand as well as improved tourism, especially from mainland China.
In value terms November retail sales headed north 7.5% from 2016 to HK$38.7 billion, as government data revealed on Wednesday. In October, retail sales edged up 3.9%.
In volume terms, sales gained 6.9% from 2016 versus 3.6% surge in October.
In November, tourist arrivals rallied 7%, which is the highest percentage surge since March, with mainland tourists adding 8.6%, as the Hong Kong Tourism Board informed. As for mainland tourists, they hit 74% of the total.
For the first 11 months of the previous year, total visitor arrivals edged up 3.1%.
Hong Kong's retail sales keep reviving after diving for the third consecutive year in 2016 and also by the most in almost two decades, affected by the city's economic downturn as well as fewer tourists from China.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.