Government-issued consumption vouchers bolstered Hong Kong’s October retail sales, with the jewellery, watches and clocks, and valuable gifts segment exhibiting double-digit growth. 

Data from the city’s Census and Statistics Department showed jewellery sales were up 13.6 per cent year on year to HK$4 billion (around US$514.15 million) in October while January to October figures rose 1.5 per cent to HK$32.26 billion (approximately US$4.16 billion) from a year ago.

Total retail sales grew 3.9 per cent in October but year-to-date sales were down 0.7 per cent.

Hong Kong attributed the increase to the latest batch of consumption vouchers released to residents to spur retail activity in the city state. Moving forward, tighter financial conditions could partly offset gains from improved economic fundamentals, a government spokesman explained. Further relaxation of Covid-related restrictions however could support consumption.

Jewellery exports meanwhile fell 5.1 per cent in October and 2.2 per cent from January to October. Overall exports were down 10.4 per cent in October and 4.4 per cent from January to October.

Continued trade and travel disruptions contributed to the decline, with shipments to China, the US and the European Union recording double-digit decreases, noted Hong Kong, adding that exports could face further headwinds as inflation and monetary policy changes in advanced economies continue to impact global demand.