Tourism Drives Surge in Hong Kong Luxury Sales

By John Jeffay / December 05, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Sales of watches, jewelry, clocks and other luxury goods surged again in Hong Hong during October, driven largely by a huge post-Covid influx of tourists.Total spend for the category during the month was US$652m (HK$5.1bn), and increase of over 27 per cent on September, which in turn saw an increase of over 27 per cent on August. Figures since January show a 55 per cent increase year-on-year to US$6.4bn (HK$50bn).Visitor arrivals in Hong Kong hit almost 3.5m during the month, compared with just over 80,000 in October last year, when the territory was still in the grips of zero-tolerance Covid restrictions. China re-opened its borders with Hong Kong and Macau in February after three years.In October Chow Tai Fook, China's biggest jewelry retailer, reported a 5.8 per cent increase in the value of Q2 retail sales, boosted by tourism to Hong Kong and Macau. Mainland sales remained flat.

Recent News

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com

Gold stocks near flat as equities dip

April 15, 2024 / www.canadianminingreport.com

Revenue estimates for gold stocks have remained relatively flat

April 08, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok