Sales of luxury goods in Hong Kong in August stood at HK$32 billion (30 billion yuan, US$4.1 billion), a year-on-year increase of 13.7 percent but the lowest number this year.
Jewelry and watches have recorded the highest growth at an impressive 57 percent, while clothing and shoes gained 30 percent. Additionally, the rising price of gold has contributed to increased consumer spending on gold and silver products.
In July, Hong Kong saw 3.6 million inbound trips, with more than four out of five visitors originating in mainland China, driven by favorable exchange rates and tax-free policies.
During the national holiday period, Hong Kong registered approximately 1.1 million trips, much better than last year, of course, but still far behind pre-pandemic days.
Simultaneously, Hong Kong citizens are showing growing interest in outbound trips, leading to a decline in sales for stores located in residential areas.
