Media reports out of Hong Kong suggest that retail sales in the all-important “Golden Week” holidays (Oct 1- 5), around the Chinese National Day were hit hard by the pro-democracy protests that swept HK recently.

The Hong Kong Retail Management Associations’ survey of its members revealed that “the drop in retail sales during the National Day Golden Week ranged from 15% to over 50%, in which Watch & Jewellery, Fashion & Accessories and Catering sectors registered the largest drop”.

The majority of retailers recorded mid double-digit drop in retail sales compared with the same period a year earlier.

The Association also revealed that the small and medium enterprises were the hardest hit, with the drop as high as up to 80%.  “SME retailers operating only in Mong Kok, Causeway Bay or Tsim Sha Tsui are most adversely affected” the report said.

The Association expects that the negative impact of the recent social activities will fully emerge in the coming months, as both local consumption sentiment and tourist spending would be affected.

It’s not just retail sector which has felt the tremors of the protest, however. A monthly survey by HSBC and Markit Group showed that new business has also been hit. Media reports also reported that “The protests have helped wipe close to US$50 billion (S$63.8 billion) off the value of shares on the Hong Kong stock exchange”.