A jewellery store in Hong Kong
Jewellery sales in Hong Kong remained in negative territory in November 2019, registering a year-on-year decline of 43.5 percent on the back of increasingly violent protests in the city.
January to November figures were down 20 percent from the same period in 2018, data from the Census and Statistics Department of Hong Kong revealed.
Overall retail sales during the period in review fell 23.6 percent, with the jewellery segment recording the steepest decline.
Quoting a government spokesman, the census department said, “Retail sales continued to fall sharply in November as local social incidents turned extremely violent, causing very severe disruptions to tourism- and consumption-related activities and further dampening consumption sentiment.”
The near-term outlook for the retail trade hinges upon how these incidents will evolve, added the spokesman.
The Hong Kong Retail Management Association, for its part, said its members expect the drop in retail sales value to narrow down in December 2019 and January 2020.