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Hong Kong Jewelry Sales Down for January

Mar 2, 2017 9:45 AM   By Rapaport News
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Sales of jewelry and other luxury products in Hong Kong fell in January despite the Chinese New Year occurring during the month.

Spending on jewelry, watches, clocks and valuable gifts declined 3.9 percent year on year to $944 million (HKD 7.33 billion), according to data that Hong Kong’s Census and Statistics Department released Thursday.

The New Year fell on January 28, as opposed to February 8 last year, but this potential boost to January sales failed to translate into higher consumer spending, the data showed. The drop came even as tourist numbers in Hong Kong grew 4.8 percent for the month.

Given the date shift, “it would be more meaningful to examine the figures for January and February combined, when available, to have a clearer picture of the underlying trend,” a government spokesperson said.

The short-term outlook for Hong Kong retail will depend on inbound tourism levels and whether local consumer sentiment stands up to the various uncertainties in the global environment, the spokesperson added.

The decline in jewelry and luxury sales follows a 2.3-percent rise in December – the first monthly increase in more than two years.

Total retail sales in Hong Kong across all products slipped by 0.9% in January.
Tags: Census and Statistics Department, Chinese New Year, Hong Kong, Jewelry, Luxury Products, Rapaport News, tourism
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