The sales of jewelry, watches, clocks and valuable gifts in Hong Kong rose 33.7% year-on-year in February. According to a report quoted in Gem Konnect, this is the strongest growth since June 2013. Overall retail sales grew 29.8% year-on-year to $5.76 billion.
The rise is attributed to “nearly full employment (the jobless rate is at its lowest in around two decades) and tourism”. The number of tourists rose 26.3% in February to 5.28 million. The number of tourists from mainland China, who account for more than 80% of the total number of tourists, rose 40.2%.
A government source said: “Looking ahead, the outlook for retail sales should remain positive in the near term, underpinned by upbeat local consumer sentiment amid a full employment situation and by continued improvement in inbound tourism”. The Hong Kong Retail Management Association expects 3%-4% growth in retail sales in 2018.
