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Retail sales in Hong Kong remained weak in August as the city faced a third wave of Covid-19 infections, with the jewellery segment recording a 37.8 per cent year-on-year dip.
The decline in jewellery sales was visibly narrower compared to those in July (54.3 per cent), June (56.5 per cent), and May (69.9 per cent).
From January to August, sales of jewellery, watches and clocks, and valuable gifts were down 62.1 per cent.
Overall retail sales meanwhile sank by 13.1 per cent in August while year-to-date figures saw a 30.2 per cent plunge.
According to a government spokesman, the year-on-year decline narrowed visibly but this was mainly attributable to a very low base of comparison.
"As economic conditions remain under pressure and inbound tourism is unlikely to show any swift recovery in the near term, the business environment of the retail trade will remain difficult," the spokesman said. "Nonetheless, local consumption sentiment may further improve if the recent stabilisation of the local epidemic situation is sustained."