Due to the fourth wave of COVID-19 cases in Hong Kong, jewellery sales in the city dipped by 31.7 per cent in January 2021, but the pace of decline had eased slightly, as per the government data.
According to the city’s Census and Statistics Department, retail sales of jewellery, watches and clocks, and valuable gifts fell by 41 per cent in December 2020 and overall, by 54 per cent last year, recording retail sales reached $433.13 mn in January 2021 compared to $397.02 mn in December last year.The total retail sales dropped by 13.6 per cent to $4.2 bn in January this year, which Hong Kong attributed to restrictions due to coronavirus infections and the Lunar New Year, a traditionally strong season for retail.
Hong Kong’s report said prospects for the retail trade remain grim in the near term as COVID-19 continues to pose a threat to businesses and tourism. If the vaccination programme yields the intended results, it should help lay a firm foundation for the revival of the retail sector and a broader-based recovery of the economy later in the year.
The Hong Kong Retail Management Association meanwhile said retail sales could perform better in February and March 2021 mainly due to a low base in 2020.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
