Creativity, uniqueness keys to buck slowing retail salesTop News | Gary Poon 4 Feb 2019
Financial Secretary Paul Chan Mo-po suggests companies use creativity and technology to improve business after retail sales slowed down in the second half of last year.
Despite the slowing pace of growth, retail sales increased 8.8 percent last year - "the best performance" in five years, Chan said on his blog.
"However, we should be wary as retail sales are on a downward spiral, and slowed over 10 percent in the first-half to single digits in the second half," Chan said.
"Retail sales in December totaled HK$44.9 billion, only 0.1 percent higher than December 2017, which was the worst performing month in the past 18 months," he added.
Chan's comment came after a Census and Statistics Department's announcement detailing a retail sales growth of 0.2 percent in December compared to a 1.2 percent growth in November.
The spokesman of the department said retail sales will continue to moderate as the volatile global economy affect consumption rates.
He said the government channeled funds to the creative industry in the last budget and believed it could help companies expand into overseas markets and strengthen their competitiveness in the long run.
He said the next budget will focus on supporting corporations, employment, livelihood and stabilizing the economy.
Meanwhile, Chan visited Victoria Park's Lunar New Year Fair on Friday and bought toys with pig designs from a stall operated by secondary school students.
He said he placed the toys in his living room. Chan also appreciated the variety of creative merchandise that were being sold at the fair.
He said creative designs, product quality, selling strategies and uniqueness are vital keys to create a best-selling product amid downward pressures.