Hong Kong recorded a double-digit downtick in jewellery sales during the first half of 2024 largely due to fluctuations in consumption patterns and a strong Hong Kong dollar.

Data from the government showed sales of jewellery, watches and clocks, and other valuable gifts dipped 12.8 per cent to HK$26.5 billion (around US$3.4 billion) compared to last year while in June, sales were down 23.1 per cent to HK$4.3 billion (about US$552 million).

Overall sales from all retail outlets in Hong Kong, meanwhile, saw a 6.6 per cent decline from January to June this year while year-on-year June figures showed a 9.7 per cent dip.

According to the government, retail sales were affected by changing consumption patterns of visitors and locals, alongside the strong Hong Kong dollar. 

The rate of decline, however, has narrowed compared to previous months. "A slight increase of 2.3 per cent was seen on a seasonally adjusted month-to-month comparison, reflecting signs of stabilisation in retail activities," a state spokesman said.

The government said the local retail sector will still face challenges in the near term but various measures to promote a "mega event economy" alongside continued economic growth and rising employment earnings should support the retail sector.