Hong Kong Luxury Sales Continue to Rise in February

Sales of hard-luxury goods in Hong Kong gained strongly in February, thanks to a boost from the Chinese New Year.

Revenue from jewelry, watches, clocks and valuable gifts increased 24% to HKD 5.18 billion ($660.6 million) for the month, the municipality’s Census and Statistics Department reported last week. This was the 10th consecutive month the luxury segment advanced. Sales across all retail categories jumped 19% to HKD 35.05 billion ($4.47 billion). 

The government expects growth momentum in the local economy and an increase in inbound tourism to continue supporting retail businesses.

“Meanwhile, the government will continue to closely monitor developments in geopolitical tensions and assess [their] potential implications for consumer spending in the local market,” a government spokesperson commented.

Revenue from hard-luxury products climbed 28% for the first two months of the year to HKD 11.03 billion ($1.41 billion), while sales in all retail categories rose 12% to HKD 72.38 billion ($9.23 billion).

Image: Canton road shopping district in Hong Kong. (Shutterstock)