Hong Kong: Strong Jewelry Sales in March

Hong Kong's retail jewelry, watches and valuable gift sales in March rose to HK$3.509 billion (US$450 million), a 30.9 percent year-over-year increase. Total retail sales during the month increased 20 percent to HK$22.6 billion (US$2.9 billion).

The retail value of sales by retail outlets of jewelry, watches and valuable gifts represented 15.53 percent of total retail sales, according to provisional retail sales statistics reported by Hong Kong’s Census and Statistics Department.

In volume, year-over-year retail sales of jewelry, watches and valuable gifts increased 10.7 percent

After netting out the effect of price changes over the same period, the volume of Hong Kong’s total retail sales increased by 13 percent in March.

The strongest growth was in motor vehicles and parts sales, which increased by 29 percent, followed by electrical goods and photographic equipment sales, which rose 22.1 percent.

A government spokesman noted that firm labor market conditions, rising income, and further growth of inbound tourism will continue to provide support to the retail trade. Nevertheless, there is a need to stay alert to the impact of the unfolding global financial turbulence and the slowdown in the U.S. economy and worsening consumer sentiment.