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Hong Kong retail sales drop 23.6% YOY in November

Hong Kong's retail sales in November slumped 23.6% year over year to $30 billion amid declining tourism and store closures due to the continuing political protests in the country.

The contraction is a slight improvement on the revised 24.4% decline in October, which was the largest year-over-year decline for a single month on record.

Spending contracted across a broad range of categories, with sales of jewelry, watches, clocks and valuable gifts falling the most at 43.5%. Apparel, footwear, vehicles, confectionery, alcohol and tobacco also saw double-digit declines.

Sales of commodities in supermarkets increased 2.6% year over year, while fuel sales rose 11.2%.

For the January to November period, total retail sales decreased 11.4% compared to the prior-year period.

A government spokesperson in a statement said the "near-term outlook for the retail trade continues to hinge on how the local social incidents will evolve."