Hong Kong ‘s Luxury Goods Sales Drop 15% in May

July 01, 15 by David Brummer

(IDEX Online News) – Hong Kong’s May 2015 retail sales, provisionally estimated at $5 billion (HK$ 39 billion) dropped by 0.1 percent, compared with the same month in 2014, according to a Census and Statistics Department report.

Despite a 4.6-percent increase in the volume of total sales in May compared to 2014, and a 1.3-percent increase in volume compared with the same period in 2014, the value of sales of jewelry, watches and clocks, and valuable gifts declined 14.9 percent in May.

The value of retail sales for the first five months of the year decreased by 1.8 percent, compared with the same period a year previously.

A government spokesman said that retail sales showed some improvement, but that results were affected by the slowdown in tourist spending, highlighted by the double digit year-on-year decline of big ticket items, such as jewelry and watches, according to the Census and Statistics Department.

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