7-4-2021
Hong Kong retail sales soared 30 percent yoy to US$3.8 billion in February, ending the two-year losing streak, according to the Hong Kong Census and Statistics Department. Revenue from the jewellery, watches, clocks and other valuable gifts, which rely heavily on mainland tourists skyrocketed 114.1 percent, despite tourist arrivals slumped 97.2 percent.
The statistics department said retail trade will continue to face a difficult business environment in the near term as inbound tourism remains frozen. Bringing the epidemic situation under control will create a favourable environment for the revival of cross-boundary tourism activities.
Annie Tse Yau On-yee, chairperson of the Hong Kong Retail Management Association (HKRMA) pointed out that the sector was still a long way from recovering despite the strong growth at the beginning of this year. The jewellery industry would suffer as long as the city’s borders remained closed.
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