Hong Kong Retail Sales Continue Resurgence
RAPAPORT... Hong Kong-based retail sales of jewelry and other hard-luxury items surged in March as Covid-19 restrictions eased and consumer sentiment improved.
Revenue from jewelry, watches, clocks and other valuable gifts rose 81% year on year to HKD 2.98 billion ($384 million) during the month, the municipality’s Census and Statistics Department reported Tuesday. Sales across all retail categories grew 20% to HKD 27.6 billion ($3.55 billion).
A favorable comparison with the same period in 2020, when businesses closed and tourism stopped, also contributed to the sharp jump in sales, a government spokesperson said.
However, while demand is improving, it is still well below the same period two years ago. Sales of jewelry and other luxury items slid 55% compared with March 2019.