Hong Kong Jewelry Sales Soar in June

(IDEX Online News) – The volume of sales of jewelry, watches and clocks and valuable gifts in Hong Kong soared by 43.7 percent on the year in June, while the value of sold items jumped by 42.5 percent to almost $1.4 billion.

Overall, the value of retail sales in June increased by 14.7 percent on a year earlier to $39.9 billion, according to Hong Kong's Census and Statistics Department to an estimated $5.1 billion. Meanwhile, the volume of items sold in June jumped 13.4 percent.

For the first half of 2013, total retail sales increased by 15.0 percent in value and 14.4 percent in volume over the same period a year earlier.

A government spokesman said the rising retail sales reflected “buoyant inbound tourism” and upbeat local consumer sentiment.

The retail sector should continue to perform well in the short term “supported by the favorable labor market conditions and sustained growth in inbound tourism. Nevertheless, we still need to closely monitor how the still-unsteady external environments may affect the local economy and consumer sentiment down the road.”