Hong Kong recorded an 11.1 per cent year-on-year decline in jewellery sales in October this year, reflecting a continued downturn in consumption sentiment.

Latest government data showed sales of jewellery, watches and clocks, and valuable gifts were also down 15.5 per cent from January to October. In September, sales declined by 17.9 per cent. 

Overall sales encompassing all retail categories fell 2.9 per cent in October. 

According to the Hong Kong government, mainland China’s recent initiatives to boost the economy could help support consumption sentiment and economic activities in Hong Kong. 

Meanwhile, the city also introduced measures aimed at revitalising the retail sector, including resuming the multiple-entry Individual Visit Scheme for permanent residents of Shenzhen and its extension to non-permanent residents of Shenzhen with residence permits. Increasing employment earnings should also encourage spending in the domestic market although changes in consumption patterns will continue to be a challenge, the government said.