Hong Kong Luxury Sales Rise in October

RAPAPORT... Sales of jewelry and other luxury goods in Hong Kong beganto rebound in October after a typhoon drove tourism rates down theprevious month. October sales grew 3.3% year on year to HKD 6.87 billion($878.2 million) for jewelry, watches, clocks and other valuable gifts,according to data the Census and Statistics Department released last week.Total retail sales in Hong Kong increased 6% to HKD 39.75 billion ($5.08billion). "Growth in retail sales picked up somewhat in October aftera deceleration in the preceding month, supported by the faster increase invisitor arrivals and continued income growth," a Hong Kong governmentspokesperson said. The higher rates of tourism, as well as the positiveemployment market and rise in income levels, should lead to continued growth inthe sector, the spokesperson continued. However, "external uncertainties and a weaker asset market" couldpotentially affect consumer sentiment, he added. In October, the total number of tourists visiting Hong Kong grew12% to 5.9 million, according to the Hong Kong Tourism Board. Of those, 4.7 million came from mainland China. Image: Hong Kong trams. (Pixabay)