Hong Kong's August retail sales fell 10.1% from a year earlier, government data showed, reflecting a relatively strong Hong Kong dollar, the changing consumption patterns of residents and their increased travel abroad during holidays. Sales fell to HK$29.2bn ($3.8bn) in a sixth consecutive month of decline after a revised 11.7% fall in July, 9.7% fall in June, a 11.5% drop in May, a 14.7% drop in April and a 7% decline in March.

For the first eight months of 2024, retail sales value fell 7.7% year-on-year and volume was down 9.3%. August visitor arrivals stood at 4.45 million, up 9.2% on the year-earlier period. The number of mainland Chinese visitors stood at 3.66 million in August, up 6.6% year-on-year. Sales of jewellery, watches, clocks and valuable gifts in August declined 24% year-on-year after a 25.1% drop in July. Sales of clothing, footwear and accessories fell 12.3% in August following a 16.8% drop in July.