5-3-2020
Hong Kong’s retail sales plummeted for the 12th consecutive month in January by 21.4 percent yoy. Among all products, the sales of jewellery, watches and clocks noted the biggest slump of 41.6 percent, the only two categories survived the downturn in sales in supermarkets and fuels.
Historically, the sales of high-end products such as jewellery and watches in Hong Kong ina certain extent relied on Chinese tourists. However, the coronavirus hit just as the peak Lunar New Year season kicked off. According to the Hong Kong Tourism Board, tourist arrivals declined 52.7 percent while mainland travellers plunged 54.2 percent in January. Retail sales of the city’s jewellery giant Chow Tai Fook (CTF) in the city and Macau shrank by 60 percent. 40 of its points of sale in Hong Kong and Macau has closed.
The Hong Kong Retail Management Association (HKRMA) forecasts that the total retail sales value for the first half of 2020 would fall by mid-double digits, ranging from 30 percent to 50 percent.
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