Luxury sales revenue in Hong Kong soars, tourism recovers

Saturday, January 6, 2024

Revenue from jewelry, watches, clocks and valuable gifts soared 61% year on year to HKD 4.68 billion ($599.1 million) for the month.

It is according to data the government’s Census and Statistics Department released Thursday.

Retail sales across all product categories rose 16% to HKD 34.18 billion ($4.38 billion).

The growth reflected a favorable comparison with the same period a year earlier. During this time, municipality was still encumbered by tight COVID-19 restrictions.

During that time, the numbers of travellers to Hong Kong was extremely low. The municipality derives much of its luxury revenue from tourists in large part from China who come to purchase goods.

The border between Hong Kong and the mainland reopened at the beginning of last year.

For the first 10 months of the year, proceeds from jewelry, watches, clocks and valuable gifts jumped 55% to HKD 54.68 billion ($7 billion).

Total retail sales for the period grew 17% to HKD 370.32 billion ($47.43 billion).

In November, 3.3 million visitors arrived in Hong Kong. This number is in comparison with 113,763 during the same month of 2022. Data from the Hong Kong Tourism Board proves this.

Of those who travelled to the municipality in that month, 2.4 million were from the mainland, versus 58,694 the year before.

The value of total retail sales increased visibly in November over a year earlier alongside the revival of inbound tourism, a government spokesperson said.

Further recovery of inbound tourism should continue to benefit the retail sector.

Continued improvement in household income as well as various promotional campaigns and activities launched by the government and the industry should also provide support.

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