Visitor numbers to Hong Kong increased by 8.3% compared to the previous year, as China relaxed visa restrictions for Shenzhen residents and tourism began recovering from the prolonged effects of COVID-19.
However, sales of jewelry, watches, clocks, and valuable gifts dropped by 13.8%, according to data released by the Census and Statistics Department on February 3. The department did not provide further details on these figures.
The decline in sales was less severe in November, with a year-on-year decrease of 4.2%.
Chinese tourists, who make up around 70% of Hong Kong’s luxury spending, are visiting in larger numbers, with 4.26 million arriving in December. Despite this increase, their stays are shorter, and their spending has decreased.
For the entire year of 2024, sales in the jewelry, watches, clocks, and valuable gifts category dropped by 14.5% compared to 2023. This is nearly double the overall retail sales decline, which fell by 7.3%, reaching a total of $376.8 billion.
Related Topics:
- March 2025 HKTDC Twin Jewelry Shows in Hong Kong
- Defendant Claims London Jewellery Shop Robbery Was Staged, Court Hears
- Government Launches Diamond Imprest Authorization Scheme to Boost Exporters
