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Retail in Hong Kong is Sluggish Due to New Restrictions

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While Hong Kong's hard-luxury market experienced its worst growth in a year during the fifth wave of the Covid-19 economic reform, the government imposed stricter restrictions on corporate operations.

The revenue from jewelry, watches, clocks, and precious presents increased by 7 percent year on year in January to HKD 3.61 billion ($462.7 million), according to figures released last week by the municipality's Census and Statistics Department. Following a 27 percent increase in December, the first month of 2022 showed the smallest increase in the category since January 2021, when Hong Kong was dealing with a fourth coronavirus epidemic.

The alteration in the time of the Chinese New Year had a positive effect on sales to a certain extent.

It was pointed out by the government that “Local consumer spending normally attains a seasonal high before the festival,”According to the report, “As the Lunar New Year fell on February 1 this year, but on February 12 last year, the year-on-year comparison of the figures for January 2022 with those for January 2021 might have been affected by this factor to a certain extent.”

Year on year, sales in all retail categories increased by 4 percent to HKD 33.89 billion ($4.34 billion).

As a government official stated,“The [sales] figure has yet to fully reflect the impact of the fifth wave of [the] local epidemic and the further tightening of anti-epidemic measures in the more recent period, “Looking ahead, in view of the very austere epidemic situation and the various restrictive measures in place, the retail sector will remain under immense pressure in the near term.” added.

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