Hong Kong's Post-Covid Surge in Watch and Jewelry Sales

(IDEX Online) - Sales of watches and jewelry, together with clocks and valuable gifts, surged in Hong Kong during March, according to the latest government figures.

Borders were re-opened early in February, the facemask requirement was dropped on 1 March, and Hong Kong launched ad campaigns to lure back tourists and businesses after dropping its zero-tolerance COVID-19 rules.

Total revenue for the sector was up from just HKD1.89bn (US$240m) in March 2022 to HKD5.07bn (US$650m) in March 2023.

That's an increase of 165 per cent but from a very low base - a month when China was still under Covid lockdowns and travel restrictions, and Russia had just invaded Ukraine.

Hong Kong is enjoying a tourism boom, with 2.45m visitors arriving in March, compared with 1.46m in February and just 1,800 in March 2022.

Meanwhile Chow Tai Fook said same store sales for Hong Kong and Macau were up 96.5 per cent year-on-year for the January to March period.

Overall retail sales rose 40.9 per cent during March. The clothing sector saw the biggest rise of all,  at 188 per cent.