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The company’s 41 per cent sales increase in Hong Kong and Macau countered an eight per cent decline in mainland China, which was attributed to weakened consumer sentiment. | Source: Luk Fook Jewellery
The company’s 41 per cent sales increase in Hong Kong and Macau countered an eight per cent decline in mainland China, which was attributed to weakened consumer sentiment. | Source: Luk Fook Jewellery

Positive signs: Jewellery sales rising in Asia

The retail recovery in Hong Kong has continued for Luk Fook, recording a significant increase in second-quarter sales as tourism returns following the pandemic.

The jewellery retailer recorded a 31 per cent increase in sales for the three months concluding 30 September. 

Luk Fook Jewellery
Luk Fook Jewellery
"Since the full reopening of borders among Hong Kong, Macau and mainland China, the Hong Kong and Macau market has shown consistent improvement."
Luk Fook Jewellery

The company’s 41 per cent sales increase in Hong Kong and Macau countered an eight per cent decline in mainland China, which was attributed to weakened consumer sentiment.

“Since the full reopening of borders among Hong Kong, Macau and mainland China, the Hong Kong and Macau market has shown consistent improvement,” the company said in a statement. 

“The macroeconomic in the mainland market showed no signs of improvement, and its consumption sentiment exhibited a slower recovery compared to the Hong Kong and Macau market.”

Of particular note was the sale of gold jewellery, which increased by 30 per cent on a year-on-year comparison. Luk Fook operates more than 3,000 stores in the region.

Rival jewellery retailer Chow Tai Fook has reported a similar increase in sales during the same period.

More reading
Back on track: Strong jewellery sales for Chow Tai Fook
Retail rebound continues for Luk Fook
Positive jewellery sales following ease of restrictions
Luk Fook aiming for rapid expansion

 











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