Tourism Drives Surge in Hong Kong Luxury Sales
December 05, 23
(IDEX Online) - Sales of watches, jewelry, clocks and other luxury goods surged again in Hong Hong during October, driven largely by a huge post-Covid influx of tourists.
Total spend for the category during the month was US$652m (HK$5.1bn), and increase of over 27 per cent on September, which in turn saw an increase of over 27 per cent on August. Figures since January show a 55 per cent increase year-on-year to US$6.4bn (HK$50bn).
Visitor arrivals in Hong Kong hit almost 3.5m during the month, compared with just over 80,000 in October last year, when the territory was still in the grips of zero-tolerance Covid restrictions. China re-opened its borders with Hong Kong and Macau in February after three years.
In October Chow Tai Fook, China's biggest jewelry retailer, reported a 5.8 per cent increase in the value of Q2 retail sales, boosted by tourism to Hong Kong and Macau. Mainland sales remained flat.