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Jewelry Sales Up in China and Hong Kong

Tourism and consumer sentiment drive market in the municipality.
Jul 3, 2018 11:03 AM   By Rapaport News
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RAPAPORT... Sales of jewelry and other luxury items climbed in greater China in May, driven by improved consumer sentiment and a higher rate of tourism to Hong Kong, according to government sources.

In China, retail sales of gold, silver and jewelry increased 6% year on year to $3.05 billion (CNY 20.3 billion) for May, the National Bureau of Statistics of China reported recently. Sales for the January-to-May period rose 8% to $14.13 billion (CNY 93.9 billion).

Meanwhile, Hong Kong recorded a 24% jump in sales of jewelry, watches, clocks and other valuable gifts to $877.5 million (HKD 6.88 billion) in May, according to data the Census and Statistics Department released Tuesday. Sales in the category grew 23% to $4.65 billion (HKD 36.5 billion) in the first five months.

Total retail sales in all sectors for China increased 9% to $429.39 billion (CNY 2.85 trillion) in May. In Hong Kong, combined sales grew 13% to $5.17 billion (HKD 40.53 billion).

“Retail sales continued to post double-digit growth over a year earlier in May, [driven by] local consumption sentiment and the visible increase in visitor arrivals,” a Hong Kong government spokesperson said.

The retail outlook for Hong Kong remains positive given the robust employment rate and continued growth in tourism levels, the spokesperson added. However, the government is monitoring “external uncertainties” to determine how they may affect consumer sentiment moving forward.

In May, the total number of tourists to Hong Kong rose 8% year on year to 5 million, according to the Hong Kong Tourism Board. Of those visitors, 3.8 million came from mainland China. For the January-to-May period, the number of tourists rose 10% to 25.9 million, with 20.1 million traveling from the mainland.

Image: IQRemix
Tags: asia, Census and Statistics Department, China, gold, Greater China, Hong Kong Tourism Board, Hong Kong, Jewelry, Jewelry sales, luxury, Luxury sales, mainland china, National Bureau of Statistics of China, Rapaport News, retail, retail sales, silver, tourism
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