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Jewelry Sales Up Ahead of Chinese New Year

Rising consumer sentiment and return of inbound tourism boosts Hong Kong retail.
Feb 4, 2018 7:13 AM   By Rapaport News
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RAPAPORT... Sales of jewelry and other luxury goods grew in both Hong Kong and China last year amid improved consumer sentiment.

In Hong Kong, full-year sales of jewelry, watches, clocks and valuable gifts rose 5%, reaching $9.6 billion (HKD 75.05 billion), the municipality’s Census and Statistics Department reported last week.

In mainland China, meanwhile, gold, silver and jewelry sales grew 6% to $47.12 billion (CNY 297 billion) during the same period, according to the National Bureau of Statistics.

The increases in jewelry sales in both Hong Kong and China mirrored a positive trend in the general retail sector, which continued in December, the respective reports showed. 

Solid retail growth in Hong Kong during December reflects rising consumer sentiment, a government spokesperson said. Favorable employment and income conditions, as well as the return of inbound tourism, contributed to this improvement.

“The near-term outlook for the retail trade stays positive,” the spokesperson added.

The region is currently in its busiest retail season ahead of the Chinese New Year on February 16.

Image: withGod/Shutterstock
Tags: China, Hong Kong, Hong Kong’s Census and Statistics Department, Jewelry, National Bureau of Statistics in China, Rapaport News, watches
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