Retail sales of jewelry and watches, as well as other luxury goods in Hong Kong in May 2014, fell by 24.6% year-on-year to $ 1.03 billion (7.944 billion Hong Kong dollars), Rapaport reports citing data from the Statistics Department Hong Kong (Census and Statistics Department).
At the same time, sales of jewelry, watches and valuable gifts in department stores jumped 20.5% to $ 37 million (HK $ 288 million). Total sales in this category fell by 22.7%.
In May, the total retail sales in Hong Kong reached $ 5 billion (39 billion Hong Kong dollars), down 4.1% over the same period last year. In addition, sales statistics for April 2014 were revised downward, so that sales showed a decline of 9.9%. Decrease in retail sales from the beginning of the year to May is estimated at 0.2%.
The government notes that the cumulative retail sales in May were negatively affected by weak demand for luxury goods and jewelry, which reflects a decrease in the buying activity of tourists. In the meantime, sales of goods targeting local residents grew, which indicated positive sentiments in the local market amid good employment figures.