Hong Kong retailers are bracing for troubles ahead, as six months of ongoing anti-government protests continue to rock the territory’s economy.
Hong Kong in October entered its first recession in a decade, reporting a 3.2% reduction in gross domestic product for the third quarter compared to the second quarter. Retail sales took a dive, sliding 25% year over year for October. Experts say this decline was caused in part by tourists staying away; per the Hong Kong Tourism Board, tourism dropped by 43.7% for October 2019 compared with October 2018.
As protests rage on amid the crucial holiday season, HKRMA chairman Annie Tse expects to see similar or worse drops compared with October.
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