Jewellery sales in Hong Kong dipped again in November 2024 albeit at a slower pace mainly due to changing consumption habits and a strong Hong Kong dollar.

Data from the city’s Census and Statistics Department showed sales of jewellery, watches and clocks, and valuable gifts were down 5.4 per cent year on year in November. By comparison, sales fell by 11.6 per cent in October. From January to November last year, jewellery sales dipped by 14.7 per cent year on year. Overall, retail sales decreased by 7.3 per cent in November and by 7.1 per cent from January to November. 

According to the Hong Kong government, consumers opting to spend on other items combined with the relatively strong Hong Kong dollar may have had an adverse impact on the retail sector. “Looking ahead, the change in consumption patterns of visitors and residents will continue to weigh on the performance of the retail sector,” a government spokesman said. 

Hong Kong is counting on various measures by mainland China to bolster economic activities, including the resumption and expansion of the multiple-entry Individual Visit Scheme for Shenzhen since December last year. This goes hand in hand with Hong Kong’s initiatives to encourage spending by boosting market sentiment and increasing employment earnings, added the government.