In July, the resurgence of the COVID-19 cases and the restrictions on social measures tightened severely tourism and consumption on the whole. Sporadic anti-government protests too resulted in affecting tourist arrivals in July, dipping by 99.6% from the year earlier.
Total revenue from jewelry, watches, and other luxury items plunged 53.7% y-o-y to $328.5 mn for July, according to Hong Kong’s Census and Statistics Department. Sales in all retail categories dropped 23% to $3.41 bn.
During January - July 2020, revenue from jewelry, watches, and other luxury items slumped 64% to $2.14 bn. Sales in all retail categories declined 32% to $24.17 bn for the January-to-July period.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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