Hong Kong saw a significant drop in jewelry and watch sales in December, despite an increase in visitors from mainland China.
Visitor numbers rose by 8.3% year-on-year as China eased visa restrictions for Shenzhen residents, and tourism rebounded from the lingering effects of Covid-related restrictions. However, revenue from jewelry, watches, clocks, and valuable gifts dropped by 13.8%, according to data released on February 3 by the Census and Statistics Department. Detailed breakdowns were not provided.
The decline in sales for jewelry and watches was a sharp contrast to the 4.2% year-on-year drop in November. Chinese tourists, who account for about 70% of Hong Kong’s luxury spending, are arriving in larger numbers—4.26 million in December—but they are staying for shorter durations and spending less.
For the entire year of 2024, sales in the jewelry, watches, clocks, and valuable gifts category decreased by 14.5%, double the 7.3% drop in overall retail sales, which totaled $376.8 billion.
Related topics: