The Zhitong Finance App learned that Hong Kong retail stocks generally fell. As of press release, Fort Shilong (00592) fell 5.26% to HK$0.27; Prada (01913) fell 3.97% to HK$53.25; Chow Tai Fu (01929) fell 3.5% to HK$12.7; New Beauty (01910) fell 3.02% to HK$22.45; Salsa International (00178) fell 1.5% to HK$1.31.
According to the news, on August 1, Lo Chun-bang, executive director of the Hong Kong Retail Management Association, said that retail sales in June increased 19.6% year on year, but retail sales were slightly lower than in April and May, due to the issuance of consumer vouchers in April and Mainland Golden Week in May driving the retail market, but June is a low retail season. If compared with June 2018, retail sales volume is still 10% lower. He said that the current travel model for mainland visitors to Hong Kong has changed, focusing on experiential tourism. The industry is adjusting and responding to new market trends. It is expected that it will take 1 year for the retail market to return to normal. The Association expects low double-digit growth in retail sales throughout the year, but there is still a certain distance from before the pandemic.
According to a previous report by Caixin, the Hong Kong retail industry is looking forward to a rapid recovery after full customs clearance between Hong Kong and the mainland in February this year. However, it backfired. Recent research reports from various market agencies have shown that the consumption pattern of mainland tourists visiting Hong Kong has changed from “pure shopping” to “in-depth travel.” In addition, the number of Hong Kong people leaving the country is far higher than the number of visitors coming to Hong Kong, a disguised loss of some local spending power, and the recovery of the retail industry has not met expectations.