Retail sales for Hong Kong decrease by 8% in March

Retail sales in Hong Kong for jewellery, watches and other luxury products during March fell by 10 percent by volume. The overall retail sales in the country slipped by 8 percent amounting to around $2.7 billion, as consumers remained conscientious to spend less. The fall in retail sales, while overlooking deflation, was 9 percent in the month. The decrease in sale of apparels was 20 percent.

Within the first quarter of the year, the decrease in sales was 4 percent by value and 6 percent by volume. According to reports, the country expects the short term retail sales to continue to be affected by the economic downturn.