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Hong Kong Luxury Sales Jump 50% in December

The Census and Statistics Department (C&SD) of Hong Kong released its latest figures on retail sales on 1 February 2024. The value of sales from jewellery, watches and clocks, and valuable gifts in December 2023 surged by 50 percent year on year to HK$5.46 billion (around $698.6 million). The value of total retail sales increased by 7.8 percent to HK$36.33 billion (around $4.65 billion), compared with the same month in 2022.


For 2023 as a whole, the value of sales of jewellery, watches and clocks, and valuable gifts jumped by 54.9 percent to HK$60.14 billion (around $7.69 billion). The value of total retail sales for the full year was provisionally estimated at HK$406.65 billion (around $52 billion), increased by 16.2 percent in value and 13.8 percent in volume over 2022.


A government spokesperson said: “Looking ahead, visitor arrivals should increase further alongside the continued recovery of handling capacity. Rising household income also bodes well for local consumption. These factors, coupled with the government's efforts to promote mega events and launch various activities including ‘Day x Night Vibes @ 18 Districts’, should provide support to retail businesses.”



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