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Hong Kong Jewelry Sales Rise in May
Jul 3, 2022 5:28 AM
By Rapaport News
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RAPAPORT... Hong Kong’s hard-luxury sales saw an upturn in May amid an improved health situation, even as total retail revenue dipped slightly.
Sales of jewelry, watches, clocks and valuable gifts climbed 7% year on year to HKD 3.33 billion ($424.4 million) for the month, the municipality’s Census and Statistics Department reported last week. The increase builds on April’s growth following three months of sharp declines due to tightened Covid-19 restrictions.
Sales in all retail categories fell 1.7% to HKD 29.06 billion ($3.7 billion).
“After strong growth in April, the value of [total] retail sales declined mildly from a year earlier in May,” a government spokesperson said. “Nonetheless, taking April and May together, there was still a year-on-year increase of 4.7% thanks to the moderated local epidemic and the support of the consumption-voucher scheme, representing a notable improvement from the 7.6% fall in the first quarter.”
The larger boost in April came from the government’s disbursement of HKD 5,000 ($637) stimulus payments at the start of the month — its first voucher distribution for the year. Authorities will issue a second installment in August for the same amount.
In the first five months of the year, sales of jewelry, watches, clocks and valuable gifts dropped 9% to HKD 14.05 billion ($1.79 billion). Proceeds from all retail segments slipped 2.9% to HKD 142.1 billion ($18.11 billion).
“Looking ahead, as long as the local epidemic situation remains under control, retail businesses should continue to revive,” the spokesperson added.
Image: Stores in Kowloon, Hong Kong. (Shutterstock)
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Tags:
Census and Statistics Department, Hong Kong, hong kong retail, Jewelry, Rapaport News, watches
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