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Hong Kong's Jewelry Sales Slide During Golden Week
Oct 8, 2014 10:37 AM
By Jeff Miller
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RAPAPORT...
The Hong Kong Retail Management Association trade group surveyed members following China's National Day “Golden Week” holidays and concluded that overall sales performance was disappointing. Parts of Hong Kong have been experiencing student and citizen protests and barricades remained on the streets of three important shopping districts through to the end of the holiday period on October 5.
The majority of retailers, though, recorded mid double-digit drops in same-store sales compared with one year ago, according to the trade group. Total retail sales during Golden Week fell anywhere from 15 percent to more than 50 percent, with jewelers, fashion and accessories stores and catering businesses registering the steepest declines.
Small and medium enterprise retailers in Mong Kok, Causeway Bay or Tsim Sha Tsui, where protests were most active, expressed significant drops in
sales -- as high as 80 percent down from one year ago. Still, the full impact of retail sales declines will emerge more succinctly in the coming months, as both local consumption and
tourist spending totals are tallied, according to the group.
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Tags:
Golden Week, Hong Kong, Jeff Miller, Jewelry, protests, retail, watches
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