Jewelry and Watch Sales Fall in Hong Kong
January 05, 23
(IDEX Online) - Sales of jewelry in Hong Kong fell last November, according to newly-released figures.
Total retail sales fell year-on-year by 4.2 per cent. The figure for jewelry, watches, clocks, and valuable gifts was almost double that, at 8.3 per cent (The Census and Statistics Department does not provide a more detailed breakdown). Total sales were $372m.
The sectors that fared worse were commodities in department stores (down 19.3 per cent) clothes (down 16.4 per cent).
A spokesman for the special administrative region's government said retail businesses softened in November following the improvement in the preceding month.
"While tightened financial conditions will continue to weigh on local consumption demand, the further relaxation of social distancing measures and continued improvement in labour market conditions will provide support," he said.
"In addition, the expected increase in visitor arrivals should benefit retail sales performance."
Pic shows Hong Kong