Jewellery retail sales in Hong Kong dropped for the sixth consecutive month in September 2024, reflecting the continued impact of a change in consumption patterns.

Government data showed that retail sales of jewellery, watches and clocks, and other valuable gifts were down 16 per cent to HK$37.71 billion (around US$4.85 billion) from January to September this year while September figures recorded a 17.9 per cent decline to HK$3.55 billion (approximately US$456.7 million).

Overall retail sales, meanwhile, were down 6.9 per cent in September and 7.6 per cent in the first nine months of 2024. While the value of total retail sales continued to fall in September from a year ago, the rate of decline had narrowed.

The government projected that the near-term performance of the retail sector will be affected by shifts in consumption patterns of both residents and visitors. 

It added that an improved outlook for the Mainland economy attributed to the implementation of various stimulus measures, coupled with potential adjustments in the Hong Kong dollar relative to the US dollar amid the initiation of US interest rate reductions, is likely to enhance market sentiment and bolster consumer spending.