Retail sales of jewellery and other luxury items in Hong Kong plummeted in the first quarter of the year mainly due to weak consumer demand and ongoing changes in spending patterns.

According to the city’s Census and Statistics Department, retail sales of jewellery, watches and clocks, and valuable gifts in the first three months of the year reached HK$12.69 billion (around US$1.62 billion), down 12.3 per cent compared to the same period in 2024. 

Sales were also lacklustre in March at HK$4.06 billion (approximately US$520 million), indicating a drop of 3.9 per cent year on year. 

Meanwhile, total sales across all retail categories saw a year-on-year decline of 6.5 per cent to HK$94.83 billion (about US$12.14 billion) in the first quarter while in March, overall sales were down 3.5 per cent to HK$30.1 billion (about US$3.85 billion) from a year earlier. 

A government spokesman explained that the year-on-year dip in retail sales narrowed in March and that sales showed a seasonally adjusted increase over the preceding month.

Hong Kong said the continued growth in mainland China’s economy and government efforts to promote tourism and mega events could support the retail sector in the face of market uncertainties and evolving consumption patterns.