Hong Kong's retail sales figures for June slumped, losing 7.7% by value year on year; retail sales for the first six months of the year are down 4.7%. Although deflation would reduce sales value even if volume were constant, that effect is not enough to account for figures as bad as this - volume was down 6.9% in June and 3.1% for the six months.
Analysts are blaming the World Cup for the particularly bad June result, with residents staying at home glued to the telly, and visitors going elswewhere; but they are not expecting any immediate relief for Hong Kong's economy.
The dearth of tourists is being blamed for a 19% fall in sales of jewellery, watches and clocks and a 12% fall in sales of clothing; only in alcoholic drinks and snacks was there a noticeable increase, of 5% - couch potatoes still have to graze!
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