The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales on 1 November 2023. Revenue from jewellery, watches, clocks and valuable gifts jumped 27 percent year on year to HKD 4.31 billion (around $551 million) for September. Retail sales across all product categories rose 13 percent to HKD 31.76 billion (around $4.06 billion).
For the first nine months, proceeds from jewellery, watches, clocks and valuable gifts soared 59 percent to HKD 44.89 billion (around $5.74 billion). Total retail sales for the period grew 19 percent to HKD 302.29 billion (around $38.64 billion).
A government spokesman said: “the value of total retail sales continued to grow visibly in September over a year earlier, thanks to the continued revival of inbound tourism and private consumption.” Looking ahead, the spokesman added that further recovery of visitor arrivals should benefit the retail sector. Continued improvement in household income and the government's various support initiatives, including the "Night Vibes Hong Kong" campaign, should also provide support.
After the reopen of Hong Kong’s border with the mainland in the beginning of the year, the number of visitors from mainland China to the city has grown substantially. In September, around 2.8 million visitors arrived in Hong Kong, compared to 66,037 during the same month of 2022. Of those who travelled to the city in September, around 2.2 million were from mainland China, versus 51,276 the year before. Hong Kong derives a large portion of its luxury revenue from tourists, primary from Mainland China.
07-11-2023
← Back