Retail sales of jewellery and other valuable items in Hong Kong continued to decline in February largely due to waning demand for luxury goods.

Latest data from the city’s Census and Statistics Department showed sales of jewellery, watches and clocks, and valuable gifts were down 13.5 per cent to HK$4.17 billion (around US$535.82 million) in February compared to the same period in 2024. The figure, however, showed a narrower rate of decline compared to January this year when retail sales plummeted 18 per cent.

Combined January and February jewellery sales, meanwhile, showed a 15.8 per cent dip to HK$8.63 billion (about US$1.1 billion).

Overall retail sales fell 13 per cent year on year in February and 7.8 per cent in January and February. A government spokesman explained that the year-on-year decline in February 2025 had widened, partly due to the earlier arrival of Chinese New Year in late January compared to mid-February last year.  

Moving forward, Hong Kong said it is counting on various measures to promote tourism and events alongside a sustained increase in employment earnings to support the retail sector. Changing consumption patterns, however, could continue to be a challenge, it added.