Hong Kong retail shrinks by a third in May but rate of decline improves as coronavirus crisis stabilises

The contraction of Hong Kong retail was less severe in May as the Covid-19 epidemic stabilised, but sales still shrank by a third year on year.Consumer spending that month stood at HK$26.8 billion (US$3.5 billion), according to provisional figures the Census and Statistics Department released on Tuesday, falling 32.8 per cent from May 2019 to mark the 16th straight month of decline.The year-on-year reduction represents an improvement on the 36.1 per cent recorded in April, as city retailers…

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