Hong Kong Jewelry Sales Hit by Covid and Late New Year
(IDEX Online) – Sales of jewelry in Hong Kong were depressed again in January, down almost 32 per cent year-on-year.
Covid remains a key factor, with new cases hitting a mini-peak towards the end of the month and a two-week quarantine deterring tourists.
In addition, the lunar-based Chinese New Year fell later than usual (12 February) which delayed consumer spending from January.
Next month’s figures from the Census and Statistics Department will combine January and February sales to smooth the New Year bump.
Revenue from jewelry, watches, clocks and other valuable gifts for January totaled $433m, a slight increase on December ($397m).
Sales for the gift sector were down 54 per cent for the whole of 2020. Total retail sales for all sectors during the month were down 13.6 per cent to $4.2bn.
Credit: IDEX
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