Annie Lo, Executive Director of the Retail Management Association, pointed out that the main reason for the narrowing decline in retail data in Hong Kong in September was the low base effect. She mentioned that the current market conditions have not changed fundamentally, with a general decline in consumer spending among the citizens. Coupled with the strong performance of the Hong Kong dollar and the trend of Hong Kong people heading north, the market remains weak and shows no signs of improvement.

Seventy percent of association members expect business performance to continue to decline in October. Annie Lo stated that the decline in non-essential goods is more significant. Thirty percent of members anticipate stable or improved business performance, mainly relying on promotional activities and the introduction of new products. Members remain pessimistic about the performance in November and December. Lo pointed out that nearly fifty percent of members expect a decline in business in November, and the decline during the Christmas holiday in December is expected to reach a low double-digit percentage, as most people are expected to travel and may not necessarily spend in Hong Kong.