Overall retail sales dipped 2.9% y/y in March

Worse compared with Jan-Feb decline.

Census released the retail sales data for March, which at HK$38.4bn was down 2.9% y/y.

According to a research note from Barclays, the y/y deterioration worsened compared to the 2% y/y decline recorded for Jan-Feb 2015 (analyzed together to net out the calendar effect of Chinese New Year).

For 3M15, total retail sales were down by 2.3% y/y. Analysed by broad type of retail sales, consumer durables continued to do well (+19% y/y) due to the launch of the iPhone, while staples also did fairly well (food: +4.0% y/y and supermarket: -0.7% y/y).

Here's more from Barclays:

On the other hand, discretionary such as jewellery (-18.6% y/y) and clothing (-3.3% y/y) were weak. The government noted that retail sales remained sluggish in March and most categories recorded a y/y decline, likely reflecting the slowdown in inbound tourism.

Census also reported the 1Q15 restaurant receipts number which was up 3.6% y/y. Apart from the overall retail figures, Wharf and Swire Properties also released their retail sales data last week.

According to Apple Daily, Harbour City and Times Square’s retail sales were down by 16.7% and 12.0% in the month of March, and by 5.0% and 7.1% in 1Q15.

Swire Properties also said in its quarterly statement that Pacific Place saw a 14.5% y/y decline in 1Q15 while Citygate outlets were also down by 2.3%.