Hong Kong’s jewellery, watches and clocks, and valuable gifts segment saw the most significant increase in March retail sales, followed by clothing, footwear and allied products, according to the Census and Statistics Department of Hong Kong.
In only jewellery sales, Hong Kong has reported an 81 per cent jump in March, compared to the same period a year ago. This is attributed to a healthier business environment and improving consumer sentiment.
Jewellery sales recorded a 19 per cent year-on-year increase, from January to March. Overall sales of all retail goods rose 20.1 per cent in March while first-quarter sales were up 7.5 per cent.
According to Hong Kong, the increase was mainly due to the low base of comparison in 2020. Also, the 7.5 per cent hike in Q1 sales was much lower in comparison with a 32.5 per cent increase registered in Q1 2019.
However, while local consumption improved following the relaxation of social distancing measures since mid-February, the near-term outlook for the retail trade is still challenging as inbound tourism remains bleak.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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