Deloitte Raises Hong Kong Retail Sales Forecast To HK$412 Billion

Deloitte slightly raised its forecast for Hong Kong retail sales this year to HK$412 billion, after first-half sales beat its expectations, according to Ming Pao. The firm now expects retail sales to rise 8.4% year on year, with growth in the second half of the year projected at 7%. Deloitte China Hong Kong consumer markets business managing partner Cheng Wanyan said it may take three to five years for Hong Kong retail sales to return to the historical peak seen in 2013 and 2014, and that the pace of recovery will depend on the direction of the mainland economy, which still faces challenges.