Another Month of Recovery for Hong Kong Watches and Jewelry

(IDEX Online) - Hong Kong's recovery in hard-luxury sales continued in November, according to the latest figures, but growth during the month was slower than in October.

Revenue in the jewelry, watches, clocks and valuable gifts sector was up 3.6 per cent, said the Census and Statistics Department for the special administrative region, to HKD 4.64bn (USD 596m). Breakdowns for watches and jewelry are not provided.

That compares with increases of 9.4 per cent in October, 9.1 per cent in September and 17.5 per cent in August, largely driven by increasing tourism, especially in the summer.

Sales now appear to be normalizing after a number of rapid rebound months and the luxury sector remains on a recovery path, supported by improving tourism and steady domestic consumption.

But sluggish sales earlier in the year (down 17.9 per cent in January, for example) have brought the January to November year-on-year growth down to 0.7 per cent.

"Retail sales sustained its recovery momentum in November," said a government spokesman, commenting on all retail sector sales.

"The value of total retail sales increased notably further by 6.5 per cent over a year earlier. Sales of many broad retail outlet types increased.

"Looking ahead, the gradual improvement in local consumption sentiment amid sustained economic growth, coupled with the vibrant growth in inbound visitors, will continue to benefit retail businesses."