Hong Kong Jewelry Sales Hit by Covid Quarantine
October 01, 20
(IDEX Online) - Jewelry sales in Hong Kong continue to suffer from the pandemic and quarantine restrictions, but August's slide was less dramatic than recent months.
Revenue from jewelry, watches, clocks and other valuable gifts was down 38 per cent year-on-year to $317.5m according to figures published yesterday by the Hong Kong Census and Statistics Department (there is no further breakdown of the figures).
Sales have been in freefall since January, hitting their low point in April when they were down 77 per cent year-on-year. They fell 70 per cent in May, 56 per cent in June and 54 per cent in July.
Although there has been a slowdown in the decline, there is little talk of a recovery. Hong Kong itself has seen a sharp decline in coronavirus cases (149 on 30 July, eight on 30 September), but its requirement that incoming passengers quarantine for two weeks has wiped out the lucrative tourist market.
Total retail sales of all goods in August were down 13 per cent to $25.6bn (provisional).
"Looking ahead, as economic conditions remain under pressure and inbound tourism is unlikely to show any swift recovery in the near term, the business environment of the retail trade will remain difficult," said a government spokesperson.
"Local consumption sentiment may further improve if the recent stabilisation of the local epidemic situation sustains."
Pic shows Hong Kong