But there are signs of stabilisation in some sectors.
HK retail sales plummeted to a 17-year low in 2016 based on HK statistics bureau data.
According to Maybank Kim Eng, last year, sales fell 8% YoY to HKD437b, but saw a 2.3% YoY increase in 4Q. December sales dropped 2.9% YoY, a smaller decline than in previous months.
"Cosmetics sales began to stabilise in 2Q16 after 12 months of contraction. Gold and jewelry sales posted the first positive growth at 2.3% YoY in Dec 2016 after nearly three years of contraction since early 2014."
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