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IPFS News Link • Economy - International

"Hong Kong Is A Disaster" - Retail Sales Routed As Bitcoin Volumes Hit Record High

• https://www.zerohedge.com, by Tyler Durden

As Goldman Sachs details, August retail sales growth (in value terms) was down 23% yoy, the largest decline on record. On a month-over-month basis after seasonal adjustment, the value of retail sales contracted by around 12.5% in August vs -5.2% in July.

Clothing and footwear, department stores and jewellery, watches and clocks retail sales saw material deterioration. Jewellery, watches and clocks retail sales contracted 47.4% in August, vs -24.3% in July. Clothing and footwear retail sales were down 32%yoy, vs -13% yoy in July, and department store sales declined by 29.9% yoy in August, vs -10.4% yoy in August. Supermarkets, food/drinks and fuel retail sales year-over-year growth improved slightly in August vs July.

In volume terms, retail sales growth showed similar patterns. Headline retail sales volume growth was -25.3% year-over-year, the largest decline on record. Jewellery, watches and clocks showed the biggest deceleration to -50.7% yoy in August, vs -26.4% yoy in July.

And this has had a direct impact on Europe's luxury-good makers... broadly.


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