Hong Kong's retail sales fell by 11.8% in July 2024 compared to the previous year, marking the fifth consecutive monthly decline, with total sales reaching HKD 29.1 billion ($3.73 billion). The decrease is attributed to changing consumer patterns, a strong Hong Kong dollar, and increased outbound travel during the summer holidays, as stated by government officials. Jewelry and luxury goods experienced the most significant drop, with sales in that category plummeting by 25%. For the first seven months of 2024, retail sales overall contracted by 7.3%, indicating ongoing challenges for the sector. Government measures aimed at boosting the retail market and supporting small and medium enterprises through digital initiatives are expected to provide some relief. Despite these efforts, continued economic pressures suggest that the retail sector will face hurdles in the near future.