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Luxury Soars in China and Hong Kong

May 6, 2018 8:49 AM   By Rapaport News
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Sales of jewelry and other luxury items rose in Greater China in the first quarter amid improved consumer sentiment and increased tourism to Hong Kong, according to government sources.

In China, retail sales of gold, silver and jewelry increased 8% year on year to $11.74 billion (CNY 74.7 billion) during the January-to-March period, the National Bureau of Statistics of China reported recently. March sales jumped 20% to $3.71 billion (CNY 23.6 billion).

Meanwhile, Hong Kong recorded a 22% jump in sales of jewelry, watches, clocks and other valuable gifts to $2.93 billion (HKD 22.96 billion) for the quarter, according to data from the Census and Statistics Department. For March, sales in the municipality climbed 23% to $871.6 million (HKD 6.84 billion).

“Hong Kong’s retail sales sustained a double-digit year-on-year increase in March, [driven] by upbeat local consumer sentiment under generally favorable economic conditions, and the continued appreciable increase in visitor arrivals,” a Hong Kong government spokesperson said.

Total retail sales in all sectors for China increased 10% to $1.42 trillion (CNY 9.03 trillion) in the first quarter. In Hong Kong, combined sales grew 14% to $16.55 billion (HKD 129.92 billion) for the period.

The retail outlook for Hong Kong remains optimistic given the improved rate of employment and earnings and the rise in tourism levels, the spokesperson added.

In the first quarter, the total number of tourists arriving in Hong Kong rose 10% year on year to 15.6 million, according to the Hong Kong Tourism Board. Of those visitors, 12.2 million came from mainland China.
Tags: Census and Statistics Department, China, Hong Kong, Hong Kong Tourism Board, National Bureau of Statistics of China, Rapaport News, Sales of jewelry
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