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Greater China Luxury Continues to Grow
Aug 2, 2018 7:19 AM
By Rapaport News
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RAPAPORT... Sales of jewelry and other luxury items rose in greater China
in the first half of the year amid continued positive consumer sentiment and
increased tourism to Hong Kong.
In China, retail sales of gold, silver and jewelry grew 7%
to $20.26 billion (CNY 138.3 billion) in the six months ending June 30, the
National Bureau of Statistics of China reported recently. Sales in June climbed
8% to $3.24 billion (CNY 22.1 billion).
Meanwhile, Hong Kong recorded a 24% jump in the first six
months of the year for sales of jewelry, watches, clocks and other valuable
gifts to $5.53 billion (HKD 43.44 billion), according to data the Census and
Statistics Department released Wednesday. Sales in the category soared 28% to
$884.3 million (HKD 6.94 billion) in June.
Total retail sales in all sectors for China increased 9% to
$2.64 trillion (CNY 18 trillion) in the first half, and in June rose 9% to $451.71 billion
(CNY 3.08 trillion). In Hong Kong, combined sales grew 13% to $31.56
billion (HKD 247.76 billion) for the January-to-June period, and leapt 12% to $4.81
billion (HKD 37.77 billion) in June.
“Retail sales value sustained double-digit growth over a
year earlier in June, as local consumer sentiment stayed favorable amid a tight
labor market, while visitor arrivals continued to record solid growth,” a Hong
Kong government spokesperson said.
The retail outlook for Hong Kong remains positive as both
the employment rate and income levels continue to flourish, and tourism maintains
its upward trend. However, the government continues to monitor “heightened
external uncertainties” that may have an effect on consumer spending and
sentiment moving forward, the spokesperson added.
In June, the total number of tourists to Hong Kong rose 13%
year on year to 4.7 million, according to the Hong Kong Tourism Board. Of those
visitors, 3.6 million came from mainland China. In the first half of the year,
the number of tourists rose 10% to 30.6 million, with 23.7 million of those
arriving from the mainland.
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Tags:
Census and Statistics Department, China, Hong Kong, Hong Kong Tourism Board, National Bureau of Statistics of China, Rapaport News
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