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Tourism Recovery Boosts Chow Tai Fook Sales

January 14, 2024  |  Leah Meirovich
Chow Tai Fook Jewellery 1280 USED 011424

Retail sales at Hong Kong-based jeweler Chow Tai Fook rose in the third fiscal quarter amid the resurgence of visitors from China.

Sales at the company jumped 46% year on year for the three months ending December 31, it said Friday. The increase builds on a strong rebound since the beginning of 2023 when the border between Hong Kong and China was reopened. Much of Hong Kong’s luxury revenue is derived from tourists from the mainland who come to purchase goods.

Sales also benefited from strong purchasing ahead of the festive season, during which it’s traditional to buy gold, as well as a new diamond campaign and the launch of a collection, both of which were well received, Chow Tai Fook noted.

Retail sales grew 42% on the mainland, which accounts for around 84% of total proceeds. Sales surged 71% in Hong Kong, Macau and other markets.

Same-store sales — at branches open for at least a year — climbed 23% in China. Hong Kong and Macau witnessed a 67% spike. Same-store sales of gold products rose 33% on the mainland, while gem-set jewelry slipped 1.9%, In Hong Kong and Macau, sales of gold jewelry soared 104% and gem-set jewelry was up 4.3%.

Main image: A Chow Tai Fook store in Hong Kong. (Shutterstock)

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Chow Tai Fook Jewellery 1280 USED 011424 Tourism Recovery Boosts Chow Tai Fook Sales

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