What are the projected sales drops for Hong Kong retailers?

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Projected Sales Drops for Hong Kong Retailers

Retailers in Hong Kong are anticipating significant sales declines in the coming months, with projections indicating a double-digit drop for July and August. Economists have revised their forecasts, suggesting that overall retail sales for 2019 could fall by as much as 10 per cent.
Expected Double-Digit Decline in July and August

The primary retail association has issued a warning to its members, forecasting a substantial decrease in sales for the months of July and August. This outlook reflects a broader sentiment of concern within the sector regarding the ongoing impact of the city's widespread protests.
Revised 2019 Retail Sales Forecast

Angela Cheng, an economist at CMB International Capital Corporation Limited, has adjusted her predictions for the entire year. She now anticipates that Hong Kong's retail sales could experience a decline of up to 10 per cent in 2019, a revision that doubles her previous estimate and highlights the escalating economic pressures.
Significant Drop in Daily Sales for Luxury Goods

Specific examples illustrate the severity of the downturn. Bobby Tang, a sales representative at a Gucci store, reported a dramatic fall in daily sales. The store's revenue has plummeted to HK$20,000 from a previous average of HK$100,000, indicating a severe reduction in customer spending, particularly within the luxury segment.
Concerns Over Christmas Sales Season

The impact of the prolonged unrest extends to critical sales periods. Fung, a sales assistant for a skin care company, has expressed apprehension about the potential loss of the Christmas sales season. This period is typically one of the most profitable for retailers, and fears are mounting that the current situation could severely curtail these crucial revenues.

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What are the projected sales drops for Hong Kong retailers?

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