Hong Kong Luxury Sales Continue to Grow

Sales of hard-luxury goods in Hong Kong climbed further in July, with consumers sustaining their preference for digital channels.

Revenue from jewelry, watches, clocks and valuable gifts rose 20% year on year to HKD 4.89 billion ($623.5 million) for the month, the municipality’s Census and Statistics Department reported Monday. Sales across all retail categories increased 4.5% to HKD 31.02 billion ($3.96 billion).

Retail sales growth maintained its momentum, improving for the 15th consecutive month, a government spokesperson said.  

“Looking ahead, continued economic expansion, rising household incomes, and stable labor-market conditions should bolster consumer sentiment,” the spokesperson commented. “[Additionally], stronger online retail sales growth suggests that consumer spending continued to shift toward digital channels.”

From January to July, revenue from hard-luxury products advanced 24% to HKD 35.95 billion ($4.59 billion), while sales in all retail categories went up 9% to HKD 234.01 billion ($29.86 billion).

Image: Mongkok Street shopping area in Hong Kong. (Shutterstock)