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Hong Kong Jewelry Sales Sluggish in June

Aug 2, 2022 7:42 AM   By Leah Meirovich
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Hong Kong’s hard-luxury sales grew at a more moderate pace in June as the health situation deteriorated and interest rates climbed.

Sales of jewelry, watches, clocks and valuable gifts rose 2.3% year on year to HKD 3.39 billion ($431.2 million) for the month, the municipality’s Census and Statistics Department reported Tuesday. While sales increased, June’s figure is well below May’s 8% jump and April’s 14% surge.

Sales in all retail categories fell 1.2% to HKD 27.73 billion ($3.53 billion).

“Retail sales performance improved in the second quarter, with the value of retail sales rebounding sharply from the first quarter and reverting to mild year-on-year growth,” a government spokesperson said. “Yet the momentum softened in the latter part of the quarter alongside the increased number of local Covid-19 cases and sharp interest-rate hikes by many major central banks.”

In the first six months of the year, sales of jewelry, watches, clocks and valuable gifts slid 7% to HKD 17.45 billion ($2.22 billion). Proceeds from all retail segments slipped 2.6% to HKD 169.87 billion ($21.64 billion).

Government-stimulus vouchers worth HKD 5,000 ($637) boosted results earlier this year, most notably in April. The government will issue a second installment for the same amount in August.

“The upcoming disbursement of [the second set of] vouchers will help support consumption demand, but retail-sales performance down the road will also be dependent on how the local epidemic evolves and how the tighter financial conditions affect consumers’ spending power and sentiment,” the spokesperson added.

Image: A shopping district in Hong Kong. (Shutterstock)
Tags: Census and Statistics Department, Hong Kong, hong kong retail, Jewelry, Leah Meirovich
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