HK retail sales fall 14.6pc

HONG KONG, Mar 31 (Reuters): Hong Kong's retail sales fell in February after 12 straight months of growth as a wave or Covid-19 infections hit the city and anti-epidemic measures weakened consumer sentiment and reduced the numbers of people going to shop. Retail sales in February fell 14.6 per cent from a year earlier to HK$25.2 billion ($3.22 billion), official data released on Thursday showed. That compares with a revised 4 per cent increase in January and a 13.7 per cent fall in last decline in January 2021.
It is the steepest decline since July 2020, during the early months of the pandemic, when sales dropped 23.1 per cent.
"While the local epidemic has shown signs of easing of late, the retail sector will continue to face notable pressure in the near term," a government spokesman said, adding the new round of electronic consumption vouchers in April should provide support to the retail sector.
In volume terms, retail sales in February fell 17.6 per cent from a year earlier, compared with a revised 1.5 per cent growth in January, and was the biggest fall since July 2020, when it dropped 23.8 per cent.