Hong Kong’s retail sales of jewellery and other luxury items dipped 13.8 per cent in December 2024, with increased overseas travels of resident consumers potentially dampening local holiday sales.

For the full-year 2024, sales were down 14.5 per cent compared to the year prior, owing to a combination of market uncertainties and changing consumption patterns. By comparison, Hong Kong's jewellery retail sector ended 2023 with a 54.9 per cent increase in sales and a 50.1 per cent uptick in December of that year.

The latest yearend figures reflect an ongoing downtrend as sales of jewellery, watches and clocks, and valuable gifts fell 5.4 per cent year on year in November and 11.6 per cent in October last year. 

According to the Hong Kong government, the December 2024 decline reflected the impact of increased outbound trips during the holidays. 

“The near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents,” noted a government spokesman. 

Hong Kong is counting on efforts to promote tourism and boost market sentiment as well as various measures by China to strengthen its economy to support the retail sector.