Jewelry sales stagnate despite traffic increase, says industry veteran

Hong Kong Jewellers' and Goldsmiths' Association Vice Chairman Lau Hak-bun, speaking on a radio program on Thursday, reported that jewelry sales during Christmas remained flat compared to last year, despite a 10 percent increase in foot traffic.

Lau attributed the stagnation to consumers’ decreasing spending power, noting that the average expenditure was below HK$10,000. Customers also adopted a wait-and-see approach due to rising gold prices, he added.

Despite the current stagnation, Lau remained optimistic about the business prospects in the coming year. He believes that customers will gradually adjust to the new gold prices as the peak buying season approaches before the Lunar New Year.

Lau also expects a slight annual increase in sales, as foot traffic is projected to continue rising with the resumption of multi-entry visas.

Separately, Lam Wai-man, Chairman of the Hong Kong General Chamber of Pharmacy Limited, noted that pharmacies reported a sales increase of 10 to 20 percent during Christmas.

Lam highlighted that some first-time mainland tourists, following the resumption of multi-entry visas, showed a greater willingness to spend in the city.