2014-07-10

Hong Kong Luxury Sales Fall For 4th Straight Month in May

Last year's gold smash buying frenzy creates some bad yoy growth figures, but as the article notes, if you take out those sales, then 2013 luxury sale growth shrinks considerably.
香港奢侈品销售连跌4个月
Hong Kong SAR Census and Statistics Department data show that in May, provisionally estimated value of total retail sales for the 39 billion yuan, down 4.1 percent, worse than market expectations, also the fourth consecutive month of decline.

  SAR government spokesman said the decline was mainly due to sales of jewelery, watches and clocks, and valuable gifts Dian decreased significantly dragged down. Data show that these luxury sales in May fell by 24.5%; appliances and photographic equipment sales also fell 14.3%. Some reflect local consumer retail figures, including supermarket clothing Dian Dian Dian food, such as motor vehicles and parts increased by about 1% -15% range.

  Hong Kong Retail Management Association, said in a conference call Ximairuiqiong, jewelry and other luxury goods sales continued to fall, a big reason is the emergence of last year's "China Aunt grab gold rush", so last May's sales base becomes very large. If you grab the gold tide factors excluded, the 2013 full-year sales of jewelry and not much growth.
In the following bit, you can replace retail with real estate and it almost reads perfectly:
 Caroline Mak also pointed out that in recent years, per capita consumption fell by individual travelers, large sales have almost disappeared, resulting in a considerable impact on retail. Currently, even the number of visitors is still rising, but the rate has gradually slowed, frankly retail "golden era" is over, "2010-2013 Hong Kong retail in the 'bubble-type' growth, continued high prices for leased premises and grab expansion, but with the decline in sales, profitability, retailers have begun to face these challenges. "she said.

Hong Kong year-on-year retail sales show 4.1 per cent drop for May
Hong Kong's retail sales fell 4.1 per cent year on year in May, the third straight month of shrinking consumer spending exclusing the Lunar New Year month of Feburary, as the impact of poor jewellery sales persisted.

Still, the government figures showed the fall in retail sales was less severe than April's 9.8 per cent slump - the sharpest drop in five years.

Jewellery sales remained in freefall, plunging 24.5 per cent from a year earlier in May. The sector accounts for almost a quarter of the city's retail sales.

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