Staff reporter

Hong Kong's retail sales in January and for the whole of 2025 may both see a 5 percent drop, following a nearly 10 percent drop in December, according to Morgan Stanley.

Retail sales by value in December plunged by as much as 9.7 percent - for the 10th month in a row - while that for the entirety of 2024 fell by 7.3 percent.

Jewelry watches and clocks, and valuable gifts recorded the largest decline of 14.5 percent, according to the Census and Statistics Department.