Honk Kong protests having critical impact on retailers
Hong Kong is going through a major political crisis that started in June 2019, due to a law authorising citizen extradition to Mainland China. 3 months after the beginning of this opposition, protests continue. The Hong Kong Retail Management Association is raising the alarm as dozens of smaller retailers are in danger of closing. In July 2019, retail sales figures have shown an 11.4% drop from a year ago, after June 2019 showed a 6.7% decline year-on-year. In August they dropped by 23%. At Hong Kong International Airport, the number of passengers in August dropped by 851,000. Due to the protests and violence in Hong Kong, Tiffany (jewellery) said net earnings dropped by 6% in Q2 2019 and Esprit (fashion) reported a 40% decline in customer visitors.