RAPAPORT... Retail sales of jewelry and other luxury items fell in Hong
Kong in April due to cautious consumer sentiment and a slowdown in tourism.
Revenue from jewelry, watches, clocks and other valuable
gifts dropped 11% year on year to HKD 5.86 billion ($747.8 million), the
municipality’s Census and Statistics Department reported last week. Sales in
all retail categories slipped 4.5% to HKD 37.73 billion ($4.81 billion).
Tourists from mainland China tend to travel to Hong Kong to
purchase luxury goods during holiday periods, a government spokesperson said. Last
year, April sales were higher as the Labor Day holiday period was in late April and early May, whereas this year it was slightly later. Economic
uncertainty caused by the US-China trade war also contributed to the drop,
according to the government.
“In the near term, [consumer] sentiment will continue to be
affected by various external uncertainties, though the sustained expansion in
inbound tourism and largely stable local labor market should provide support to
retail sales businesses,” the spokesperson added.
Retail sales of jewelry, watches, clocks and other valuable
gifts decreased 4.7% to HKD 28.22 billion ($3.6 billion) in the first four
months of the year. Sales in all retail categories for the January-to-April
period fell 2% to HKD 166.14 billion ($21.2 billion).
In April, the number of tourists visiting Hong Kong rose 5%
to 5.6 million, the Hong Kong Tourism Board reported. Of those, 4.3 million
came from mainland China.
Image: Mong Kok shopping district, Hong Kong. (Pixabay)
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