July 31 (Reuters) — A government spokesman noted that retail sales registered another year-on-year decline in June, largely because of the sharp fall in the sales of jewellery, watches and clocks, and valuable gifts persisted, conceivably indicating the moderation in tourist spending on some big-ticket items against a still high base of comparison in June last year.

Yet, sales of many other goods that were more closely related to local consumption recorded further year-on-year growth.

The spokesman added that the near-term performance of retail sales will remain susceptible to the base effects and changing visitor spending patterns, although still-favourable labour market conditions should render some support.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus