Retail sales value dropped by 44% year-on-year last month
The 44% y/y plunge in retail sales value is the most on record, with retail sales volume also taking a plunge of nearly 47% y/y in the month of February.
Granted, the economic situation in Hong Kong has already been largely on the downside trajectory amid the ongoing street protests. But the virus outbreak is just amplifying the pain felt by the domestic economy as we even saw the jobless rate spike higher.
Again, this will offer a bit of a glimpse of what to expect elsewhere around the world as lockdown/containment measures are set to weigh on consumer activity and that bodes ill for businesses who aren't able to brave through these tough times.
