Sales of hard-luxury goods in Hong Kong continued to strengthen in March as the local market recovered.
Revenue from jewelry, watches, clocks and valuable gifts jumped 27% to HKD 5.2 billion ($662.9 million) for the month, the municipality’s Census and Statistics Department reported Wednesday. This was the 11th consecutive month the luxury segment advanced. Sales across all retail categories rose 13% to HKD 33.93 billion ($4.33 billion).
The government expects retail sales to continue their positive trajectory as the local market recovers, thanks to growth from inbound tourism and a “favorable” broader financial environment.
“The government will continue to monitor the downside risk arising from the evolving geopolitical tensions for any potential implications for the consumer spending in the local market,” a government spokesperson said.
Revenue from hard-luxury products climbed 28% to HKD 16.22 billion ($2.07 billion) for the first three months of the year, while sales in all retail categories gained 12% to HKD 106.31 billion ($13.57 billion).
Image: Tsim Sha Tsui shopping district in Hong Kong. (Shutterstock)