Hong Kong April retail sales forecast to fall 6.9% even 3 months

Organisations forecast total sales in Hong Kong for April:-7.9% Total Sales:-8.4% total sales in East Asia:-7.4% Total Sales: -9.3% Hang Seng Total Sales:-7.2% Total Sales:-8% Gross Sales:-6.5% Total Sales: -8.1% ING Total Sales:-5.8% Total Sales:-7.2% Oriental Exchange Total Sales:-5.7% Total Sales:-7.8% Average total sales:-6.9% Total Sales: -8.1% The annual retail figures of the Hong Kong Special Administrative Region (HKSAR) announced today that, as public consumption has become more cautious, the market average forecast　　In April, total retail sales in Hong Kong fell 6.9% Year-on-year, continuing the February and March declines, and the total retail sales of Hong Kong in April decreased by an average of 8.1%. According to the forecasts of the 7 major organisations, the total sales of Hong Kong in April were estimated to have decreased by 5.7至7.9%, while sales declined by 7.2至9.3%.　　Total sales and total sales fell by 7.7% and 9.3% respectively in March. DBS Senior Investment Strategy Advisor Chen Baoming The April sales figures, which he believes are increasingly wary of market-consumption attitudes. "Although Hong Kong stocks began to rebound in March and continued to climb in April, the number of people actually earning money was few, and the continued deterioration of unemployment and other economic data has further hit the public's consumer confidence, thus leading to continued underperformance in the retail market in April," Chen Baoming said.　　"He believes that the retail market will continue to find a bottom in May, and that it is expected to improve by June." Shan, chief economist of Hang Seng Bank (011), said that the prospects for a significant recovery in Hong Kong's retail trade in the short term, the persistently rising unemployment rate and the reduction in public income all had a negative impact on local consumption.　　She expects retail sales in Hong Kong to fall by about 8% per cent a year throughout the year, with the risk of further widening. Macquarie also published a report on the retail trade in Hong Kong earlier, referring to discussions with some retailers in Hong Kong that the current market situation was not as bad as the "SARS" outbreak of 03 years, but all retailers found that consumer attitudes were becoming more cautious.　　In particular, the bank noted that although the market performance continued to be weak, there was no significant adjustment in the rents of large shopping malls. Deutsche Bank is also not optimistic about the retail market in Hong Kong this year, and it is expected that the overall private consumption in Hong Kong will be reduced by 4.5% this year and that the unemployment rate, which has a direct impact on the retail market, will rise to 6.5% levels in 2010.　　However, the bank believes that some retailers can reduce their operating costs and expand their market share through the current downturn. JPMorgan said that sales of durable goods such as cars and furniture, which had been persistently poor in the past few months, were reflecting a weak confidence in local consumers. The bank considers that the relaxation of the mainland's policy of liberalizing non-Shenzhen residents to Hong Kong will constitute a certain support to the overall retail market in Hong Kong, especially the catering and hospitality industries.