This archive report was first published on 2 October 2019.
Published on October 2, 2019, Hong Kong's economy was already reeling from the fallout of the US-China trade war when the summer of protests began.
The protests, sparked by rising public anger towards Beijing's rule, have taken a devastating toll on the city's retail sector.
According to new figures, retail sales declined by a record 23 percent year on year in August, following an 11.5 percent slump the month before.
The clashes between police and protesters have only escalated since then, making it unlikely that September's figures will fare any better.
On Tuesday, the worst clashes of the summer occurred as China celebrated 70 years of Communist Party rule with a massive military parade in Beijing.
The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party.
Usually, the first week of October is a bumper time for retailers, with huge numbers of Chinese mainland tourists visiting during the so-called Golden Week holiday.
However, tourist arrivals from the mainland have tumbled as Beijing takes a hardline with protesters and police fight near weekly battles against demonstrators.
On-year tourist arrivals fell 40 percent in the last month, led by a collapse in visitors from the mainland, with hotel occupancy rates down around half.
Luxury goods are thought to have been hit particularly hard, with many of the clashes taking place in the districts of Tsim Sha Tsui and Causeway Bay, both areas packed with luxury malls and retailers.
Multiple shops in Causeway Bay told AFP last month that their takings were down by as much as 30 percent over the summer.
Financial Secretary Paul Chan said in September that the city's economy likely entered a technical recession in the third quarter.
