RAPAPORT. Hong Kong-based retail sales of jewelry and other hard luxury soared in February, but the government remained cautious considering the continued impact of the pandemic.
“The retail trade will continue to face a difficult business environment in the near term as inbound tourism remains frozen,” a government spokesperson said last week. “It is thus pivotal to put the epidemic under control at the soonest possible, so as to create a favorable environment for the revival of cross-boundary tourism activities.”
Revenue from jewelry, watches, clocks and other valuable gifts more than doubled to HKD 3.32 billion ($426.4 million) during the month from HKD 1.55 billion ($199.2 million) a year before, the municipality’s Census and Statistics Department reported. Sales across all retail categories rose 30% to HKD 29.55 billion ($3.8 billion).