Hong Kong Luxury Sales Continue to Climb in May
Sales of hard-luxury
goods in Hong Kong rose further in May as most categories enjoyed gains, with
demand showing improvement.
Revenue from jewelry,
watches, clocks and valuable gifts jumped 26% year on year to HKD 4.87 billion
($620.9 million) for the month, the municipality’s Census and Statistics
Department reported Thursday. The luxury segment recorded its 13th straight
month of growth. Sales across all retail categories increased 8% to HKD 33.8
billion ($4.31 billion).
The government expects
steady growth to continue across all retail outlets.
“Looking ahead, the
ongoing economic expansion and sustained growth in local labor earnings,
together with continued increase in inbound visitors, should benefit the retail
businesses,” a government spokesperson said. “The government will closely
monitor the potential implications of the evolving external uncertainties on
the local consumption market.”
From January to May,
revenue from hard-luxury products went up 26% HKD 25.57 billion ($3.26
billion), while sales in all retail categories gained 11% to HKD 171.51 billion
($21.87 billion).
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