Hong Kong Luxury Sales Continue to Climb in May

Sales of hard-luxury goods in Hong Kong rose further in May as most categories enjoyed gains, with demand showing improvement.

Revenue from jewelry, watches, clocks and valuable gifts jumped 26% year on year to HKD 4.87 billion ($620.9 million) for the month, the municipality’s Census and Statistics Department reported Thursday. The luxury segment recorded its 13th straight month of growth. Sales across all retail categories increased 8% to HKD 33.8 billion ($4.31 billion).

The government expects steady growth to continue across all retail outlets.

“Looking ahead, the ongoing economic expansion and sustained growth in local labor earnings, together with continued increase in inbound visitors, should benefit the retail businesses,” a government spokesperson said. “The government will closely monitor the potential implications of the evolving external uncertainties on the local consumption market.”

From January to May, revenue from hard-luxury products went up 26% HKD 25.57 billion ($3.26 billion), while sales in all retail categories gained 11% to HKD 171.51 billion ($21.87 billion).

Image: Tsim Sha Tsui shopping district in Hong Kong. (Shutterstock)