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Hong Kong Watch and Jewelry Sales Dip

July 06, 25 by John Jeffay

(IDEX Online) - Watch and jewelry sales in Hong Kong dipped again in May, despite the first increase in overall retail revenue since February 2024. 

Revenue in the jewelry, watches, clocks and valuable gifts sector was down by 3.2 per cent year-on-year to HKD 3.87bn (USD 498m), according to the Census and Statistics Department for the special administrative region. It does not provide a more detailed breakdown. In April the decline was 1.7 per cent.

By contrast, total retail spending actually increased during the month after a long decline, up by 2.4 per cent to HKD 31.3bn (USD 4bn). 

Rising gold prices deterred some consumers, and although tourism was up 20 per cent year-on-year, visitors from Mainland China are making shorter trips and spending less.

Hard luxury sales from January to May dropped by 9 per cent to HKD 20.27bn (USD2.58bn), while overall retail sales fell 4 per cent to HKD 155.05bn (USD 19.75bn).

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