Hong Kong retail sales have fallen for a second straight month amid fewer visitors, with jewelry, watches and luxury gifts the hardest hit.
April retail sales were HK$38 billion (US$4.9 billion), down 2.2 percent from a year earlier, while volume was up just 0.8 percent.
The first four months saw a decline of 2.3 percent year on year, the Hong Kong Economic Journal reported Wednesday.
Sales of luxury gifts, watches and jewelry tumbled 19.5 percent during April against an 18.6 percent fall in March.
However durable goods including smartphones and other electronic products posted a 97.9 percent increase in sales to HK$2.27 billion compared with 88.4 percent growth in March.
The growth was driven by new product launches by Samsung and Apple.
Hong Kong Retail Management Association head Caroline Mak said she expects negative growth in first-half sales amid rising rental costs which could lead to shop closures.
– Contact us at email@example.com