Compared to the Chinese mainland’s surging IPO market, Hong Kong’s retail sales have stalled and dropped the most in 5 years–with luxury sales hurting the most. Hong Kong’s retail sales in April dropped the sharpest in five years, the third month in a row the figures had fallen. The biggest decline was for big-ticket items such as jewelry and watches, with sales plunging almost 40 per cent in April.
Shops that have relied mainly on visitors from the Mainland for their sales over the past few years are struggling now, with some of them losing about 50 percent of their business since April, as Mainland spending in the city for such luxuries continues to shrink.
And they have Beijing’s anti-corruption campaign to thank for the drop. CCTV’s Cathy Yang explains.
Hongkong\'s retail sales crunchCompared to the Chinese mainland's surging IPO market, Hong Kong's retail sales have stalled and dropped the most in 5 years--with luxury sales hurting the most.And they have Beijing's anti-corruption campaign to thank for the drop. CCTV's Cathy Yang explains.