Hong Kong Jewelry Sales Hit by Covid and Late New Year

Hong Kong Jewelry Sales Hit by Covid and Late New Year
HONG KONG - APRIL 14, 2015: New Town Plaza jewelry store interior. New Town Plaza is a shopping mall in the town centre of Sha Tin in Hong Kong. Developed by Sun Hung Kai Properties.

Sales of jewelry in Hong Kong were depressed again in January, down almost 32 percent year-on-year.

Covid remains a key factor, with new cases hitting a mini-peak towards the end of the month and a two-week quarantine deterring tourists.

In addition, the lunar-based Chinese New Year fell later than usual (12 February) which delayed consumer spending from January.

Next month’s figures from the Census and Statistics Department will combine January and February sales to smooth the New Year bump.

Revenue from jewelry, watches, clocks, and other valuable gifts for January totaled $433m, a slight increase in December ($397m).

Sales for the gift sector were down 54 percent for the whole of 2020. Total retail sales for all sectors during the month were down 13.6 percent to $4.2bn.

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