Retail sales at Hong Kong jeweller Chow Tai Fook rose 6% year-on-year in the second quarter as tourists returned to the city.
Increased business in Hong Kong drove growth in the three months to 30 September, as did purchases of higher-end gold jewellery in the city, according to data released by the company last week. In China, however, sales growth slowed from a strong base compared with last year, when tourists were barred from Hong Kong and domestic spending on the mainland was high.
Retail sales in Hong Kong and other markets, which account for around 14% of total sales, rose by 54%. Sales in China, which accounts for 86% of total sales, increased by 0.6%.
On the mainland, like-for-like sales declined by 13%, while in Hong Kong and Macau, like-for-like sales increased by 56%. In Hong Kong alone, like-for-like sales increased by 43% and in Macau by 117%, the company said.
“During the second quarter, we saw continued improvement in mobility and retail activity in mainland China, Hong Kong and Macau,” the retailer said. “However, like-for-like sales in the mainland declined … due to the high base of comparison. In Hong Kong and Macau, the gradual return of mainland tourists has supported our business.”
