Hong Kong retail market showing signs of stabilization

The local retail industry has experienced the longest business disruption in its history amid the prolonged social unrest and the global coronavirus pandemic. Retail sales have for the first time recorded 11 consecutive months of double-digit decline since July last year. Tourist-focused sectors such as jewellery and watches, cosmetics and luxury fashion took the biggest hit due to sinking tourist traffic, with the value of sales of jewellery and watches plummeting by over 69% over the first five months of 2020.