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Hong Kong’s Luxury Retail Sales See Highest Rise in Three Years

The Census and Statistics Department (C&SD) of Hong Kong released the latest figures on retail sales recently. Revenue from jewellery, watches and clocks, and valuable gifts climbed 23.1 percent year on year to HK$4.45 billion ($566.8 million) in January 2023, the highest figure since January 2020. 


Total retails sales in January 2023 rose 7 percent year on year to HK$36.19 billion ($4.62 billion).


According to C&SD, retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year. Local consumer spending normally attains a seasonal high before the festival. As the Lunar New Year fell on January 22 this year but on February 1 last year, the year-on-year comparison of the figures for January 2023 with those for January 2022 might have been affected by this factor to a certain extent.


A government spokesman said that the value of total retail sales rose further in January over a year earlier as consumer sentiment improved. The early arrival of the Lunar New Year this year could have also helped. Business of many types of retail outlet saw improvement, with some recording double-digit increases. Looking ahead, the spokesman pointed out that the continued return of economic activities to normalcy and further rebound in the number of visitor arrivals will benefit the retail sector. Improved labour market conditions will also provide support.





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