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Diamonds net - Bold Bracelets Lead Sotheby s Hong Kong
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RAPAPORT. US retail sales rebounded strongly in March as consumers went out to spend the stimulus money they had received from the government, the National Retail Federation (NRF) said.
Revenue rose 28% year on year and 10% versus February’s total as consumer sentiment grew, according to data the US Census Bureau reported last week. Covid-19 vaccinations buoyed the economy and made it easier for shoppers to get out, the federation added.
“Today’s data confirms that people are going out and spending and that in-store traffic has picked up,” said NRF chief economist Jack Kleinhenz. “After a disappointing February, there was a perfect alignment of factors supporting a surge in shopping in March. Further reopening of the economy was encouraged by economic stimulus payments, the public health situation improved with more vaccinations, employment grew, and there was seasonal activity around Passover, Easter and spring break.”
China Recovery Boosts Chow Tai Fook
RAPAPORT. Chow Tai Fook’s sales surged in the fourth fiscal quarter amid the reopening of the greater China economy and a return of consumer demand.
Retail sales soared 174% in mainland China in the three months ending March 31, while same-store sales at branches open for at least year jumped 141%, the jeweler reported last week. In Hong Kong and Macau, retail sales climbed 47%, while same-store sales rose 31%. Same-store sales only include shops that Chow Tai Fook operates itself, as opposed to franchises.
Gold-jewelry sales grew 160% on a same-store basis on the mainland and 7% in Hong Kong and Macau. Same-store sales of gem-set jewelry went up 80% in China and 63% in Hong Kong and Macau.