Hong Kong witnessed the first drop in retail sales during the National Day holidays since the city received individual mainland visitors in 2003, with jewellery and watch sales recording the most severe dip. A retail management survey says the fewer mainland tourists and the on-going protests in key shopping areas in town have attributed to the lackluster sales.
According to a recent survey conducted by the Hong Kong Retail Management Association (HKRMA) among its members, the drop in retail sales between 1 and 5 October 2014 ranged from 15 to over 50 percent, in which the watch, jewellery, fashion, accessories and catering sectors fell by nearly 30 percent.
Though the number of mainland visitors during the National Day holidays saw a 1.7-percent growth over last year, their changing consumption pattern and the protests in major shopping districts diverted the shopping traffic from Mong Kok, Causeway Bay and Tsim Sha Tsui to the New Territories such as Tuen Mun and Shatin.
Earlier this month the protests did force some retailers to close their doors temporarily, for instance, Chow Tai Fook had closed 22 of its outlets on 1 October.
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