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| China Experiencing an economic decline | gettyimages |
Shoppers visiting mainland China have cut back on purchases
of luxury goods dragging Hong Kong’s retail-sales growth to
the weakest pace since 2009.
The slowdown of Asia’s biggest economy is felt throughout Hong Kong, which had record retail-sales gains as recently as last
year. In Macau, the center for Chinese gamblers, a report this week
showed that casino revenue was below estimates in June, clouding the outlook
for companies including Sands China Ltd.
“The consumption appetite of mainland visitors has dropped
compared with last year because of the economic slowdown,” said Raymond Yeung,
a Hong Kong-based economist at Australia Banking Group Ltd. "The
data is a “warning sign for Hong Kong retailers.”
“It’s just simple
logic that if you have less tourists coming in to buy gold, to buy diamonds,
then you would see quite a significantly bad retail-sales figure,” said Lily
Lo, a Hong Kong-based economist at DBS Group Holdings Ltd.
reference:bloomberg.com
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