July 5, 2012
Translated by Yiu Tsz Man

 
Hong Kong’s stores recorded a year-on-year fall in May watch sales for the first time since 2009, as wider retail sales slowed in Asia's shopping Mecca.

 
Total retail sales of HKD$36 billion were 8.8 percent higher than in May 2011, but that's the slowest growth since September 2009, and the number of units sold as jewelry and watch stores were down 2.9 percent less than last year, according to data from the Hong Kong Census and Statistics Department.

 
The Hong Kong Retail Management Association said sales in the upcoming months will be harmed by economic uncertainty and the weakened spending power of visitors under the Mainland Individual Visit Scheme. In recent years, Hong Kong's retail sales have been inflated by mainlanders crossing the border to splurge on tax-light goods.  

 
The chairman of the Hong Kong Retail Management Association Caroline Mak called for an increase in retail space, which could reduce rents and broaden the range of products on sale.

 
Links and Sources
Beijing news: 内地消费力减弱 香港珠宝销量下跌
Hong Kong Census and Statistics Department Provisional statistics for retail statistics for May