Hong Kong Jewelry Sales Suffer Despite Covid Lull
December 02, 20
(IDEX Online) - Sales of jewelry, timepieces and other valuable gifts remain depressed in Hong Kong, despite a Covid lull during October.
It was one of the worst-hit retail sectors, according to the country's Census and Statistics Department reported today. Cosmetics, tobacco and alcohol fared even less well.
Year-on-year sales for the month were down 27 per cent, showing little sign of improvement from the previous month (26 per cent).
But sales have rallied since 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, 54 per cent in July and 37 per cent in August.
Hong Kong experienced low level of COVID-19 infection in October but has been in the grip of a third wave since mid-November.
Sales across all retail categories fell by just under nine per cent, Hong Kong's strongest performance since the pandemic hit.
"For the first ten months of 2020 taken together, it was provisionally estimated that the value of total retail sales decreased by 27.0% compared with the same period in 2019," said the report.