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Tourism Lull Hits Hong Kong Jewelry Sales
Jan 3, 2017 9:52 AM
By Rapaport News
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RAPAPORT... Retail sales of jewelry and other luxury items in Hong Kong
slumped in November as tourist arrivals continue to dwindle.
Revenue from jewelry, watches, clocks and valuable gifts
declined 14 percent to $731.6 million (HKD 5.67 billion) in November, according to
provisional data from Hong Kong’s Census and Statistics Department. The number
of tourists visiting Hong Kong fell 2 percent the same month, the Hong Kong Tourism Board reported.
Hong Kong’s luxury retail sales suffered throughout most of
last year as fewer tourists arrived. The data in October signaled a possible recovery as the growth in jewelry and
luxury sales was flat from a year ago. However, the latest figures in November did
not lend credence to any suggestion of an improvement, even as the drop in
sales for that month was less steep than the 19 percent slump for
the first 11 months combined.
Overall retail sales slipped
5.5 percent, likely dragged down by lower tourist spending on select big-ticket
items, a government spokesperson explained.
“Looking ahead, the performance of retail sales will depend
on whether inbound tourism will improve and whether the various external
uncertainties will affect local consumer sentiment,” the spokesperson said.
Image: Mitch Altman
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Tags:
Hong Kong, Jewelry, Luk Fook, macau, Rapaport News, retail, tourism
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