The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales on 4 January 2024. Revenue from jewellery, watches, clocks and valuable gifts in November 2023 jumped 60.8 percent year on year to HK$4.68 billion (around $599.1 million).
The value of total retail sales in November 2023, provisionally estimated at HK$34.2 billion (around $4.38 billion), increased by 15.9 percent compared with the same month in 2022. The revised estimate of the value of total retail sales in October 2023 increased by 5.8 percent compared with a year earlier. For the first 11 months of 2023 taken together, it was provisionally estimated that the value of total retail sales increased by 17.1 percent to HK$370.32 billion (around $47.43 billion), compared with the same period in 2022. Proceeds from jewellery, watches, clocks and valuable gifts soared 55.4 percent to HK$54.68 billion (around $7 billion) for the same period.
A government spokesperson said that the value of total retail sales increased visibly in November over a year earlier alongside the revival of inbound tourism. Looking ahead, the spokesperson added that an expected further recovery of inbound tourism should continue to benefit the retail sector. Continued improvement in household income, as well as various promotional campaigns and activities launched by Hong Kong government and the industry should also provide support.
10-01-2024
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