Luxury spending slowdown drags on HK

The mainland's slowdown dragged Hong Kong's retail sales growth to the weakest pace since 2009 as shoppers visiting from the mainland cut back on purchases of luxury goods such as jewelry and watches.

Sales increased 8.8 percent in May from a year earlier to HK$36 billion ($4.6 billion), the government said on Tuesday. That was the smallest gain since September 2009, excluding seasonal distortions each January and February.

The deceleration of Asia's biggest economy is rippling through Hong Kong, which had record retail sales gains as recently as last year.

Agencies - China Daily