Equipped for the challenges ahead
Since total retail sales first registered a drop in February 2014, retailers have
been facing downward pressure. Retail sales fell 1.8% in the first five months
of 2015 compared to the same time last year, while the volume of retail sales
was up 1.3%.
In May 2015, sales of clothing, footwear and allied products fell 3.5%,
despite the fact volume went up by 2.1%. Electrical goods and photographic
equipment sales increased 14.6%, while volume surged by almost 36%. In
fact, most of our members launched their summer sales campaigns earlier
this year to boost retail spending. We are especially concerned that further
price cuts may be made, which might result in deflation.
Amidst other unfavourable factors, the retail business has been deeply
affected by the strong Hong Kong dollar, which reduces our appeal to
tourists. At the same time, we can see that other tourist destinations, such
as Japan and South Korea, are determined to lure more Chinese tourists by
providing easier visa application procedures and duty-free checkout counters.
The competition with neighbouring regions is more intense than ever. As
tourist spending has long been a key growth driver of our retail sales industry,
the sluggish outlook has led us to forecast negative growth in the industry
for the first half of 2015.
Retailers are also cautious about the cut in import tariffs on a number of
consumer goods in the Mainland starting in June, which includes skincare
products, clothing, sneakers and diapers. Although the price reduction is
minimal, it will still lead to a smaller price gap in consumer goods between
the Mainland and Hong Kong. We also need to take notice of the pilot
measures put forward by the Mainland authorities to boost domestic demand
and stabilize economic growth, and consider how the measures will impact
Hong Kong.
On the other hand, the increasing popularity of cross-border online shopping
among Mainland consumers will definitely threaten the business of Hong
Kong’s retailers at their physical stores. However, we believe that this
blooming cross-border e-commerce trade also provides great opportunities
for Hong Kong retailers to set up their online sales channels and directly
reach consumers in the Mainland.
Against this challenging backdrop we are confident that Hong Kong will still
remain attractive to visitors from around the world. Hong Kong retailers are
always resilient and strive to provide a wider range of product choices with
excellent quality and an incomparable service standard. While Hong Kong’s
overall retail outlook in 2015 is still unclear, we must be cautious as the recent
slowdown in retail sales may affect the local economy and job creation.
整裝待發 無懼挑戰
香港零售銷售價值總額於
2014
年
2
月首度下跌後，
零售商一直面對沉重的壓力。於
2015
年首五個
月，零售銷售價值較去年同期下跌
1.8%
，而銷售
量則上升
1.3%
。
於
2015
年
5
月，雖然衣服、鞋履及同類產品的零售
銷售量增加
2.1%
，銷售價值卻下滑
3.5%
。電子產
品及攝影器材的銷售價值上升
14.6%
，以銷售量計
算更急升近
36%
。事實上，協會的大部分會員均
於早前推出夏日減價活動以刺激消費，令人憂慮
減價趨勢將會持續多月，可能引致通縮。
目前業界面對多項不利因素，而港元匯價上升令
本港零售業對旅客的吸引力下降，對生意的影響
尤其嚴重。與此同時，日本及南韓等國家相繼簡
化簽證手續及設立中國旅客免稅購物櫃位，積極
吸引中國旅客，令區內的競爭更加激烈。鑑於旅
客消費一直是本港零售銷售的重要增長動力，而
目前的前景欠佳，預料今年上半年的零售表現將
會繼續收縮。
中國內地由今年六月起降低多種消費品的進口關
稅，包括護膚品、服飾、運動鞋及紙尿片，本港
零售商亦密切留意措施的相關影響。雖然關稅的
減幅對實際價格影響有限，但仍然令中港兩地的
消費品的價格差距收窄。此外，中國當局亦推出
多項試點措施，務求刺激內需及穩定經濟增長，
此舉對香港的影響亦不容忽視。
另一方面，隨著跨境網上購物漸受內地消費者歡
迎，開設實體商舖的香港零售商難免首當其衝。
不過，預料這股日漸盛行的跨境電子商貿熱潮，
亦為本港零售商帶來開拓網上銷售渠道的良機，
以更直接的方式接觸內地消費者。
儘管面對上述障礙，我們深信香港仍是各地旅客
的首選目的地之一。本港零售商靈活變通，致力
提供多元化的優質產品，服務亦殷勤備至。香港
今年的整體零售前景未明，必須留意零售業增長
近期放緩會否影響本地經濟及就業情況。
Message from the Chairman of HKRMA
香港零售管理協會主席之話
Ms. Caroline Mak, JP
麥瑞琼女士
FacingAusteritywithDetermination
Hong Kong retail sales experienced a drastic drop of 14.6% in January 2015,
the steepest slump inmonthly retail sales since the SARS outbreak in 2003.
Although the sales in February registered a double-digit growth of 14.9%, this
may due to the fact that the Chinese New Year fell on 19 February this year,
while itwas on 31 January in 2014.
Taken together the first twomonths of 2015, the total retail sales still recorded
a decrease by 2% in value. At thismoment,wemust take into account all the
unfavourable factors for this sluggish outlook, such as the economic slowdown
and anti-corruption campaign in theMainland, which have already had an
impact on the spendingpatterns ofMainland tourists. Furthermore,webelieve
the weakening of the Euro and Yen have also discouraged tourists’ spending
in Hong Kong. The recent protests againstMainland visitors hadmade the
situation evenworse.
Although the recent protests against parallel trading activities only represent a
small section of the community,we are verymuch concerned it has generated
a lot of negative publicity for Hong Kong internationally. We understand that
continuous growth in visitor arrivals has had an actual impact on the livelihood
of the community in some areas, especially those near to the border where
parallel trading complicates the situation. However, the Association does not
agree that limiting visitor numbers would solve the problem. Instead, any
restriction on the number of visitorswill only further damage the reputation of
Hong Kong as awelcoming touristdestination.
As an international city, Hong Kong thrives on our free port status and
hospitable culture. We should not lose sight of our competitive advantage
as a key tourist destination. The Association will continue to call for the
Government to tackle the situationwithwisdom and a long-term vision. Hong
Kong should strike a balance between our tourist reception capacity and
demands of the visitors, so that tourists can have an enjoyable experience in
Hong Kong. Meanwhile,we should also focusmore on attracting high value-
added overnight visitors toHong Kong.
There is no doubt that this yearwill be full of challenges for retailers. Although
the latest 2015-16 Budget holds no surprises, I would like to drawmembers’
attention to an additional $80million set aside for the Hong Kong Tourism
Board (HKTB), which plans to rebuild international confidence in Hong Kong.
The HKTB will use the funds to organize large scale city-wide campaign in
collaboration with the retail and dining sectors, aiming to boost the local
consumption sentiment. In fact, the Association has been working closely
with theHKTB on this exciting initiative for some time. Wewill keepmembers
posted oncemoredetails are out.
堅韌不拔轉危為機
香港的零售銷售額於
2015
年
1
月大幅下跌
4.6%
，為
2003
年沙士以來最大單月跌幅。雖
二月的銷售數字錄得
14.9%
的雙位數增長，但
幅主因可能是今年農曆新年於
2
月
19
日，而去
農曆年初一則為
1
月
31
日。
綜合計算
2015
年首兩個月的數據，零售銷售
值總額仍然下跌
2%
。現在，我們必須全盤考
引致零售業前景欠佳的各項不利因素，例如
國內地經濟放緩及嚴打貪腐，兩者已改變內
旅客的消費模式。此外，相信歐元及日圓疲
亦影響旅客在港消費的意欲，而近期針對內
旅客的示威活動更令情況雪上加霜。
然近期的反水貨活動只代表社會小眾的聲
，但卻嚴重影響本港的國際形象，令人憂
。訪港旅客人數持續增長固然影響部分地區
民生，而鄰近邊境的地區更因水貨活動使情
變得更加複雜。協會認為限制旅客人數並非
決問題之良策，反而會進一步損害香港好客
都的形象。
為國際城市，香港的繁榮發展有賴自由港口
地位及熱情好客的文化，我們不應忘記本港
為熱門旅遊城市的競爭優勢。協會將會繼續
請政府明智及以長遠眼光解決問題。香港應
力平衡接待旅客能力與旅客的需求，為旅客
造愉快的旅遊體驗，本港亦要更著力吸引高
值的過夜旅客訪港。
零售商而言，今年無疑是充滿挑戰的一年。
然最新的
2015/16
年度《財政預算案》無甚驚
，但政府已向香港旅遊發展局（旅發局）預
額外
8,000
萬港元，以重建海外旅客來港旅遊
信心。旅發局將會利用撥款與零售業界合作
辦購物節，以振興本地消費意欲。事實上，
會一直也與旅發局就有關計劃緊密合作，並
於稍後與會員分享計劃詳情。
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