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Hong Kong Luxury Sales Rise in October

Dec 3, 2018 8:03 AM   By Rapaport News
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Sales of jewelry and other luxury goods in Hong Kong began to rebound in October after a typhoon drove tourism rates down the previous month.

October sales grew 3.3% year on year to HKD 6.87 billion ($878.2 million) for jewelry, watches, clocks and other valuable gifts, according to data the Census and Statistics Department released last week. Total retail sales in Hong Kong increased 6% to HKD 39.75 billion ($5.08 billion).

“Growth in retail sales picked up somewhat in October after a deceleration in the preceding month, supported by the faster increase in visitor arrivals and continued income growth,” a Hong Kong government spokesperson said.

The higher rates of tourism, as well as the positive employment market and rise in income levels, should lead to continued growth in the sector, the spokesperson continued. However, “external uncertainties and a weaker asset market” could potentially affect consumer sentiment, he added.

In October, the total number of tourists visiting Hong Kong grew 12% to 5.9 million, according to the Hong Kong Tourism Board. Of those, 4.7 million came from mainland China.

Image: Hong Kong trams. (Pixabay)
Tags: Census and Statistics Department, Hong Kong Luxury, Hong Kong Tourism Board, Rapaport News
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