Hong Kong Retail Management Association: Most retailers are optimistic about the market in September.

Chairman of the Hong Kong Retail Management Association, Annie Tse, expressed during an online meeting that retail members are optimistic about September as there are no long holidays during that month, leading to local consumption. Retailers will offer more discounts and new products, with 80% of retail members expecting business to remain stable or increase in September. This reflects retailers' positive expectations for the market in September. Tse mentioned that although retail market was affected by typhoons and heavy rain in July, major events in Hong Kong have boosted tourist arrivals and increased foot traffic, resulting in positive growth in retail sales in July, stabilizing the situation. According to surveys, 50% of retail members expect business in August to remain stable or experience slight growth compared to the previous year, with categories related to tourism such as cosmetics benefiting from this trend. Tse pointed out that shopping areas like Tsim Sha Tsui have stronger consumer spending power, while areas in the northern region along the railway lines are still affected by weak consumer spending due to fewer local residents. She anticipates that Hong Kong's retail sales will not experience a significant drop for the rest of the year, with some sectors remaining stable or experiencing slight growth. Despite weak consumer spending, the increase in consumption volume due to last year's low base and major events driving foot traffic will help maintain retail sales at a stable level, with a possible growth rate of 1% to 2% for the whole year.