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Chow Tai Fook Group’s overall retail sales during the three months ending December 31, 2020, recorded up 17.5 per cent, with China recording a growth of 26.1 per cent from 11 per cent in the previous quarter. Hong Kong and Macau dipped 12.5 per cent from 51.6 per cent in Q2.
With COVID-19 cases in China decreasing, China’s same-store sales rose 12.2 per cent during the quarter while those in Hong Kong and Macau dropped at a slower pace.
According to Chow Tai Fook, the pandemic development and closure of major border crossings still weighed on the retail demand in Hong Kong and Macau during the quarter.
While sales of gem-set, platinum and k-gold jewellery were down 5.2 per cent in China, gold jewellery fared better, improving by 12.7 per cent. In Hong Kong and Macau, sales of gem-set, platinum and k-gold jewellery pieces were up 14 per cent while those of gold jewellery were down 50.7 per cent.
CTF’s pricing trend was favourable during Q3, with the average selling price of gem-set pieces in Hong Kong and Macau getting a boost from big-ticket transactions.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
