Early indications show that Hong Kong’s retail sales were disrupted by the pro-democracy protests with sales estimated to have fallen by as much as 50 percent for some major retailers during one of busiest shopping weeks of the year.
The Hong Kong Retail Management Association released results of a survey of its members that showed sales may have fallen between 15 percent to 50 percent during the first five days of Golden Week compared to a year ago. Small and mid-size retailers showed steeper declines of as much as 80 percent, according to the survey.
The watch and jewelry category was most impacted. Stores located in the middle of the protests in the Admiralty, Mong Kok and Causeway Bay areas were severely affected, reports WWD.
These early figures point to the potential financial toll these uprisings have on Hong Kong’s already uncertain retail economy.
Bloomberg reports that between October 1 and October 6, mainland Chinese visiting Hong Kong grew by only 2.2 percent, down from the 16 percent growth for the same period last year, based on data from the Immigration Department.
image credit: flickr/paso au yeung