Frugal tourists put a dent in retail coffers

Retail sales fell 9.7 percent in December SING TAO
Retail sales fell 9.7 percent in December SING TAO

Lainey Liu

Hong Kong's retail sales by value fell by 7.3 percent in 2024 over the previous year as a strong local currency deterred tourists from shopping and dining in the city.

Retail sales in December alone plunged by as much as 9.7 percent, and for the 10th month on the trot.

Retail sales for the whole of 2024 was provisionally estimated at HK$376.8 billion, while online retail saleswas estimated at HK$31.7 billion, down by 2.6 percent over 2023.