September 2024 Retail Sales: A Critical Examination of SME Survival and Consumer Trends
Retail Sales Trends: September 2024
In September 2024, retail sales faced a sharp decline of 6.9% year-on-year, marking the seventh straight month of contraction. This trend reflects a growing pattern of Hongkongers moving to mainland China for shopping and entertainment.
Impacts on Small and Medium-Sized Enterprises (SMEs)
- SMEs continue to struggle, grappling with cash flow issues and an increasing number of store closures.
- Government stimulus measures may provide some relief, yet uncertainty looms as spending habits evolve.
- Figures released by the Census and Statistics Department show provisional retail sales figures at HK$29.6 billion.
Future Outlook for Retail and SMEs
The government anticipates potential improvements as economic strategies are implemented, including:
- Developing new tourist hotspots.
- Relaxing visa applications for ASEAN countries.
- Enhancing silver consumption initiatives.
The central government’s measures are expected to alleviate some burdens for SMEs, particularly in retail. However, many businesses remain on the brink, battling pessimism and competition.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.