Advanced Search

Hong Kong Jewelry, Watch Sales +1% in July

Aug 31, 2012 10:48 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Hong Kong's Census and Statistics Department published provisional retail sales for July, showing a 3.8 percent year on year increase to $4.7 billion (HKD 36.5 billion). The volume of retail sales increased by 1.3 percent. For the first seven months of 2012, Hong Kong's retail sales have increased by 11.7 percent to $33 billion (HKD 256.5 billion).

Sales of jewelry, watches and clocks in July rose 0.9 percent to $1 billion (HKD 7.89 billion), however, the volume of sales fell 3.1 percent year on year. Revenue from this category for the first seven months of 2012 has increased 10 percent year on year to $7.2 billion (HKD 55.49 billion).

The government noted that overall retail sales volume  expanded only modestly in July and that the growth rate from tourists moderated from previous months. Local consumer sentiment appeared to have ''turned more cautious'' in view of the deterioration in the external economic environment, according to its statement.

Nonetheless, Hong Kong predicted that  favorable job conditions locally and further expansion of inbound tourism should support retail business in the months ahead.  ''However, we need to stay alert to the notable downside risks on the external front, which will continue to cast a shadow over the economic outlook and hence may increasingly weigh on consumer sentiments down the road,'' according to the statement.

Tags: Hong Kong, Jeff Miller, retail sales
Similar Articles
Rapaport TradeWire December 7, 2017
Dec 11, 2017
Industry Mining General Finance December 7, 2017 RAPAPORT MARKET COMMENT Diamond market optimistic, but polished
Rapaport TradeWire November 16, 2017
Nov 16, 2017
Industry Retail Mining General Finance November 16, 2017 RAPAPORT MARKET COMMENT Sentiment improves, with
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2017 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.