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06 - 02 - 2018 Jewelry Sales Up Ahead of Chinese New Year

RAPAPORT... Sales of jewelry and other luxury goods grew in both Hong Kong and China last year amid improved consumer sentiment. 

In Hong Kong, full-year sales of jewelry, watches, clocks and valuable gifts rose 5%, reaching $9.6 billion (HKD 75.05 billion), the municipality’s Census and Statistics Department reported last week. 

In mainland China, meanwhile, gold, silver and jewelry sales grew 6% to $47.12 billion (CNY 297 billion) during the same period, according to the National Bureau of Statistics.

The increases in jewelry sales in both Hong Kong and China mirrored a positive trend in the general retail sector, which continued in December, the respective reports showed. 

Solid retail growth in Hong Kong during December reflects rising consumer sentiment, a government spokesperson said. Favorable employment and income conditions, as well as the return of inbound tourism, contributed to this improvement.

“The near-term outlook for the retail trade stays positive,” the spokesperson added. 

The region is currently in its busiest retail season ahead of the Chinese New Year on February 16.

 

Image: withGod/Shutterstock

 

Source: Rapaport 4-2-2018

 
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