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Hong Kong’s sales of jewelry, watches, luxury goods up in October

06 december 2018
Sales of jewelry, watches, clocks and other valuable gifts in Hong Kong increased by 3.3% on the year in October to $878 mn, according to Hong Kong’s Census and Statistics Department.
The rise was higher than that recorded in September when Typhoon Mangkhut hit Hong Kong and the increase in jewelry sales was 2.2%.

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                                 Image credit: Chow Tai Fook

In October, the total number of tourists visiting Hong Kong grew 12% to 5.9 mn, according to the Hong Kong Tourism Board. Of those, 4.7 mn came from mainland China.
For the first 10 months of this year, the sales category increased by 18.2% to $9.10 bn.
Overall retail sales in Hong Kong rose by 6% on the year in October to $5.08 bn. For the January-October period, there was an increase of 10.6% to $51.3 bn.
Growth in retail sales in October was higher than in September due to an increase in visitor arrivals and continued income growth.
The higher rates of tourism, as well as the positive employment market and rise in income levels, should lead to continued growth in the sector. However, external uncertainties and a weaker asset market could potentially affect consumer sentiment.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished