HK jewellery sales up on sustained recovery
Jewellery sales in Hong Kong saw strong improvement during the first quarter of 2023, mirroring an overall growth in the city’s retail sector, latest government data showed.
Jewellery, watches, clocks and valuable gifts recorded an 88 per cent year-on-year uptick from January to March this year while sales in March alone were up 165 per cent compared to the same period in 2022.
Total retail sales grew 24.1 per cent in the first three months of the year while in March, sales jumped by 40.9 per cent from a year ago to HK$33.6 billion (around US$4.3 billion), marking the fourth consecutive month of growth.
The government attributed stronger sales to increased consumer and visitor spending albeit on a low base of comparison. Hong Kong was subject to Covid restrictions in Q1 last year, which made a dent on the retail sector.
“The recovery of inbound tourism and private consumption should continue to benefit the retail sector. The disbursement of a new round of consumption vouchers will render further support,” the Hong Kong government said.