Dip in Hong Kong Watch and Jewelry Sales
February 06, 25
(IDEX Online) - Watch and jewelry sales in Hong Kong dipped markedly in December, despite an increase in visitors from mainland China.
Visitor numbers were up 8.3 per cent year-on-year, as China eased visa restrictions for Shenzhen residents and tourism recovered from long-lasting Covid restrictions.
But revenue from jewelry, watches, clocks and valuable gifts was down 13.8 per cent according to figures published (on 3 February) by the Census and Statistics Department for the special administrative region. It does not provide a more detailed breakdown.
The year-on-year decline during November was just 4.2 per cent.
Chinese tourists account for around 70 per cent of Hong Kong's luxury spend.
Although they're arriving in larger numbers - 4.26m in December - they're staying for shorter periods and spending less while they're there.
Sales in the jewelry, watches, clocks and valuable gifts category for the whole of 2024 were down 14.5 per cent compared to the previous year.
That's about double the figure for retail sales in all sectors, which were down 7.3 per cent by value to $376.8bn.