For the fifth consecutive month, jewelry, watch and other luxury goods sales in Hong Kong grew: According to Gem Konnect, sales of these items rose 12.9% in July.
The fall in tourist arrivals from mainland China in July was offset by a “rise in retail sales to a combination of improving inbound tourism and local consumption”.
Cheng Wai-hung, Hong Kong Retail Management Association Chairman, defined the retail figures as “surprising” and warned that it was “too early” to talk about a quick market recovery. Cheng said that he still forecasts retail sales to grow at up to 1% for the full year. He added that since 2015, “sales of jewelry and watches had dropped between 40 and 50 percent”.
