News

Advanced Search

Hong Kong Luxury Sales Rise in January

Mar 7, 2019 8:01 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
 Retail sales of jewelry and other luxury items increased in Hong Kong in January, boosted by the earlier timing of the Lunar New Year and higher tourism.

Revenue from jewelry, watch, clocks and other valuable gifts improved by 4.7% year on year to HKD 8.47 billion ($1.08 billion), the municipality’s Census and Statistics Department reported Tuesday. Sales in all retail categories were up 7.1% to HKD 48.1 billion ($6.13 billion).

Sales figures for luxury goods tend to be more unstable during the first two months of the year due to the timing of the Lunar New Year, as consumers tend to shop prior to the festival, a government spokesperson said. This year, the holiday fell on February 5, as opposed to February 16 last year. Increased tourism also contributed to growth, according to the government.

“The outlook for [the] retail sales business is still subject to uncertainty,” the spokesperson added. “While the full employment situation in the local labor market and the sustained expansion in inbound tourism should provide support, consumption sentiment will be affected by the unsteady external environment.”

In January, 6.8 million tourists visited Hong Kong, a 27% year-on-year jump, the Hong Kong Tourism Board reported. Of those, 5.5 million came from mainland China.

Image: Tsim Sha Tsui Street shopping district, Hong Kong. (Shutterstock)
Tags: Census and Statistics Departmen, Hong Kong Luxury, hong kong retail, Hong Kong Tourism Board, Rapaport News
Similar Articles
Asian StarAsian Star Revenue Down in First Quarter
Aug 22, 2019
Revenue and profit at Indian diamond-manufacturer Asian Star fell in the first fiscal quarter, reflecting a slowdown
Pandora store 150 NYRestructuring Efforts Boost Pandora
Aug 20, 2019
Shares in Pandora rose 10% in early trading Tuesday as sales declines narrowed in key markets and restructuring
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.