World Economy

HK Retail Spending Plunges

HK Retail Spending PlungesHK Retail Spending Plunges

With retail sales in Hong Kong plummeting to a 17-year-low, experts have called on the government to take action to better predict tourist spending habits, NewsNow reported. The city’s retail sales totaled HK$436.6 billion ($56.27 billion) at the end of 2016, down 8% 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 totaled HK$42.4 billion in December alone–a 2.9% drop year-on-year. But it wasn’t all bad news, as total sales in the fourth quarter were up 2.3% on the third quarter.

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