The retail sales of jewellery, watches and clocks, and valuable gifts in Hong Kong increased for the fifth consecutive month.
According to the government of Hong Kong’s Census and Statistics Department, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 4.3 percent in August 2022 over a year earlier to HKD3.3 billion ($420.1 million).
The value of total retail sales in August 2022, provisionally estimated at HKD28.6 billion ($3.64 billion), edged down by 0.1% compared with the same month in 2021. The revised estimate of the value of total retail sales in July 2022 increased by 4.1% compared with a year earlier. For the first eight months of 2022 taken together, it was provisionally estimated that the value of total retail sales decreased by 1.5% compared with the same period in 2021.
A government spokesman said that the value of retail sales posted a marginal year-on-year decrease in August against a high base of comparison. On a seasonally adjusted month-to-month comparison, the value of retail sales continued to increase.
Looking ahead, the spokesman pointed out that the moderating local epidemic situation, improving labour market conditions and the Phase II Consumption Voucher Scheme will continue to support consumption sentiment and demand in the near term, but the increasingly tight financial conditions will pose constraints.
5-10-2022
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