Hong Kong Posts 24% Slump In Retail Sales Of Jewelry, Watches

(IDEX Online) – Retail sales of jewelry, watches and clocks, and valuable gifts in Hong Kong slumped 24.5 percent on the year in May to around $1.03 billion, according to the latest data from the Census and Statistics Department.

The decline rate moderated somewhat from the April figure, when sales in the retail category dropped 40 percent, however the decline last month was the biggest of all sectors covered, the department said.

The value of retail sales of jewelry, watches and clocks, and valuable gifts in May was $759 million, while for the first five months of 2014 they came to around $5.79 billion, a 14.3-percent decline on the year.

The fall in sales of jewelry, watches and clocks, and valuable gifts in Hong Kong was likely due to lower tourist spending on more expensive items and while there was also a difficult comparison with a high figure recorded in May last year, according to the department.