Jewellery retail sales in Hong Kong reached HK$75 billion (US$9.6 billion) in 2017, up 5.2 percent from the same period in the previous year, on the back of an overall modest growth in the retail sector, latest government data showed.
According to the Hong Kong Census and Statistics Department, sales also increased to HK$8.7 billion (US$1.11 billion) in December 2017, a year-on-year improvement of 6.3 percent from a year ago.
Total retail sales in 2017 rose 2.2 percent to HK$446 billion (US$57.02 billion), government data also revealed.
A government spokesman indicated that retail sales increased solidly in December 2017 over a year earlier, reflecting the upbeat consumption sentiment amid favourable employment and income conditions. The continued revival of inbound tourism also helped, it added. For 2017 as a whole, retail sales resumed modest growth, having declined on an annual basis since 2014.
“The near-term outlook for the retail trade stays positive, given the more sanguine economic situation and improving inbound tourism. The government will closely monitor the situation,” the statistics department said.