Retail sales in Hong Kong dropped for the eighth consecutive month in October amid a decline in the number of mainland tourists.
October sales fell 3 percent year on year to HK$37.2 billion, against an estimated decline of 5 percent, the Hong Kong Economic Journal reported.
By volume, retailed sales edged up 1.2 percent, compared with a 3 percent drop in September.
The improvement in the city’s retail sales volume was attributed to Apple’s launch of iPhone 6s and iPhone 6s Plus, which pushed up sales of consumer goods.
However, sales of luxury goods such as jewelries, watches and accessories continued to slump.
Thomson Cheng, chairman of the Hong Kong Retail Management Association, expects the weak trend in retail sales to persist for the remainder of the year as more Hong Kong people travel abroad during the festive season.
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