Hong Kong's retail sector witnessed a deeper contraction in December 2024, as retail sales fell to -9.7% year-over-year compared to the same month last year. This data, updated on February 3, 2025, highlights a worrisome trend as it follows the previous month's downturn of -7.3% in November 2024.
The increasing contraction suggests heightened pressures on Hong Kong's retail market, possibly influenced by both domestic challenges and external economic factors. This consistent decline reflects a troubling end to the year, as the retail sector grapples with changing consumer behaviors and potential economic uncertainties.
Market analysts are closely monitoring these developments, as the continuous slide in retail performance could indicate broader economic challenges ahead. The year-end figures underscore the importance of strategic interventions to revitalize consumption patterns and restore confidence in the retail market during the coming months.
