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Few visitors are seen on Peking Road, Tsim Sha Tsui, China's Hong Kong Special Administrative Region (HKSAR), May 3, 2020. /VCG
Hong Kong's retail sales fell by 42 percent in March from a year earlier, as travel restrictions kept tourists away and most residents steered clear of shops and restaurants for fear of catching the coronavirus.
The spending drought has hit an economy already in recession after violent protests in the second half of last year.
Sales dropped to 23 billion Hong Kong dollars (2.97 billion U.S. dollars), government data showed on Tuesday, the 14th consecutive month of decline. February's fall was 44 percent.
In volume terms, retail sales in March fell by 43.8 percent, compared with a 46.7 percent drop in February.
"The business environment for retail trade will remain very difficult in the near term amid the deep economic recession and sharp deterioration in the labour market," a government spokesperson said in the statement accompanying the figures.
For the first quarter of 2020, the value of total retail sales decreased by 35 percent compared with the same period in 2019, while the volume of retail sales fell by 36.9 percent year on year, the largest decline for a single quarter on record.
The Hong Kong Retail Management Association (HKRMA) said last month that about 25 percent of retail stores in the Asian financial hub were expected to close by the end of the year despite fresh government relief measures against the fallout from the coronavirus pandemic.
While Hong Kong residents kept away from other shops, the value of sales of commodities in supermarkets increased by 16.1 percent in March compared with the same period a year earlier, the data showed.
In mid-April, Hong Kong announced relief measures worth 137.5 billion Hong Kong dollars to help businesses and people stay afloat.
Tourism grinding to a halt also affected retail.
Hong Kong's tourist arrivals plunged by 98.6 percent year on year in March to 82,285 visitors, compared with a 96.4-percent drop in February, the Hong Kong Tourism Board said.
The number of Chinese mainland visitors fell by 99.3 percent year on year to 30,370.
During the month, the government banned all tourist arrivals as part of its efforts to stem the spread of the coronavirus.
Sales of jewelry, watches, clocks and valuable gifts, which rely heavily on mainland tourists, plunged by 75.2 percent year on year in March, compared with a 78.5-percent drop in February.
Medicines and cosmetics fell by 63.8 percent, while department store sales dropped by 42.7 percent.
Source(s): Reuters