Jewellery sales in Hong Kong declined in the first half of this year because of the negative impact of macroeconomic and geopolitical challenges on consumer sentiment.
The city’s Census and Statistics Department reported on August 2 that in the first six months of the year, sales of jewellery, watches, clocks and valuable gifts slid 6.8 percent to HK$17.45 billion ($2.22 billion).
In June, sales of jewellery, watches, clocks and valuable gifts rose 2.3 percent year on year to HK$3.39 billion ($431.2 million). While sales increased, June’s figure is well below May’s 8 percent jump and April’s 14 percent surge. Sales in all retail categories fell 1.2 percent to HK$27.73 billion ($3.53 billion).
The government said: “Retail sales performance improved in the second quarter, with the value of retail sales rebounding sharply from the first quartered reverting to mild year-on-year growth. Yet the momentum softened in the latter part of the quarter alongside the increased number of local Covid-19 cases and sharp interest-rate hikes by many major central banks.”
The Hong Kong Retail Management Association remarked that government-issued coupons could give the retail sector a much-needed boost, but the effect is temporary. A generally sluggish economy, coupled with a challenging macroeconomic scenario, continues to weigh on consumer sentiment.
Hong Kong’s economy contracted by 1.4 percent in the second quarter, marking two consecutive declines in GDP. January to March GDP was down 3.9 percent.
10-08-2022
← Back