Hong Kong's retail sales by value 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 on the trot – while that for the entirety of 2024 decreased by 7.3 percent.

Morgan Stanley attributed the decline to the pace of Hong Kong residents leaving the city being faster than that of mainland visitors entering Hong Kong, despite the resumption of the multiple-entry scheme in Shenzhen.

STAFF REPORTER