Retail sales drop 6.9 percent in September

Retail sales were down 6.9 percent in September compared to the same month last year, marking the seventh consecutive month of year-on-year declines. Official data released on Friday showed that the total value of retail sales came in at HK$29.6 billion. The drop followed a revised 10 percent fall in August and an 11.7 percent decrease in July. Sales of motor vehicles and parts saw the most dramatic fall, with a 26.7 percent drop. Officials said a change in consumer patterns will continue to affect the retail sector in the near future. "Nevertheless, an improved outlook for the mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending," a government spokesman said in a statement.