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Greater China Luxury Rises in August

Oct 7, 2018 9:10 AM   By Rapaport News
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RAPAPORT... Sales of jewelry and other luxury items rose in greater China in August amid continued positive local demand and increased tourism to Hong Kong.

In China, retail sales of gold, silver and jewelry grew 14% year on year to CNY 24.3 billion ($3.54 billion) for the month, the National Bureau of Statistics of China reported recently.

Meanwhile, Hong Kong recorded a jump of 22% to HKD 7.53 billion ($960.6 million) for sales of jewelry, watches, clocks and other valuable gifts, according to data from the Census and Statistics Department.

Total retail sales in all sectors for China increased 9% to CNY 3.15 trillion ($459.2 billion). In Hong Kong, combined sales grew 8% to HKD 38.17 billion ($4.87 billion).

“Retail sales grew notably over a year earlier in August, [strengthened] by the solid local consumption demand, and visible growth in visitor arrivals,” a Hong Kong government spokesperson said.

The retail outlook for Hong Kong remains strong, with growth gaining support from a rising rate of employment and income levels, as well as the increasing number of tourists to the country, the spokesperson explained. However, the government continues to monitor “external headwinds in the period ahead” that may have an effect on consumer sentiment moving forward, the spokesperson added.

In August, the total number of tourists to Hong Kong rose 17% to 5.9 million, according to the Hong Kong Tourism Board. Of those visitors, 4.8 million came from mainland China.

Image: Hong Kong skyline viewed from Victoria Peak.
Tags: Census and Statistics Department, Hong Kong Tourism Board, National Bureau of Statistics of China, Rapaport News
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