Hong Kong's retail sales were down 7.3 percent in November on a year-on-year basis, according to official figures released on Thursday. It marked the ninth consecutive month of year-on-year declines, following a 2.8 percent skid in October and 6.9 percent drop in September. Sales of motor vehicles and parts saw the most dramatic drop in November, at 34.4 percent. Total retail sales plunged 7.1 percent in the first 11 months of last year, compared to the same period in 2023. The government said the declines continued because of a change in people's consumption patterns and the relatively strong Hong Kong dollar. "Nevertheless, the introduction of various measures by the Central Government to boost the mainland economy and benefit Hong Kong, including the resumption and expansion of the multiple-entry Individual Visit Scheme for Shenzhen since December, together with the SAR Government's various initiatives to boost market sentiment, as well as increasing employment earnings, would be conducive to spending by both visitors and residents in the local market," a spokesman said in a statement.
