Hong Kong Jewellery, Watch and Gift Sales Jump 31.1% to HK$5.85B

Jewellery, watches, clocks and valuable‑gift sales surged 31.1% year‑on‑year to HK$5.85 billion in January, provisional data from the Hong Kong Census and Statistics Department show, the ninth consecutive month of growth for the hard‑luxury segment. The jump lifted the value of high-end retail and reinforced a recovery that has been gathering pace since late 2025.

Total retail revenue for the month reached about HK$37.3 billion, with the Census and Statistics Department reporting a 5.5% year‑on‑year increase in value and a 3.4% rise in volume. Trade publications rounded the overall retail gain to roughly 6% on an HK$37.31 billion base, reflecting minor preliminary reporting differences; the headline for consumers and retailers is an unmistakable uptick in spending across luxury categories.

Tourism proved a key driver. Visitor arrivals were approximately 4.81 million in January, and the Lunar New Year window added momentum: mainland Chinese trips during the holiday period totaled 1.02 million between February 15 and the Saturday of the festival, up 13% from 909,628 a year earlier. That holiday inflow helped jewellery sales climb about 10% over the same period despite a sharp rise in gold prices.

The rebound has been uneven by category. Clothing, footwear and related products "declined sharply" in January, while cosmetics recorded a startling surge. Lawmaker Peter Shiu Ka‑fai called the cosmetics result a "pleasant surprise," noting a 40 to 50 per cent increase in sales over the Lunar New Year break and saying market conditions had improved compared with last year with a general upturn in business.

Public companies provided corroborating evidence of stronger high‑end demand. Chow Tai Fook reported turnover growth of 18% in the final quarter of 2025, with Mainland China sales up 17% in Q4 to HK$6.6 billion and Hong Kong and Macau sales rising 23%. The jeweller said falling volumes were offset by higher prices, and WatchPro highlighted that the average selling price for fixed‑price gold jewellery in China rose from HK$5,200 to HK$9,500 year‑on‑year. "During the quarter, we continued to see a steady recovery in consumer sentiment toward jewellery spending. Both Chinese Mainland and Hong Kong and Macau recorded accelerated sales momentum during the period," the group said.

Officials signalled cautious optimism while flagging calendar effects. "On a seasonally adjusted comparison, the value of total retail sales increased visibly in January over the preceding month," a government spokesperson said. "Looking ahead, the robust economic growth momentum and the sustained growth in inbound visitors will continue to underpin local consumption, thereby benefiting retail businesses." Analysts also note that an early Chinese New Year in 2025 created a higher base that affected January year‑on‑year comparisons.

Alongside the consumer rebound, market indicators remain mixed: Rapaport reported a 1‑carat RAPI dip of 1.3%, while month‑by‑month and year‑to‑date tallies compiled by industry trackers show hard‑luxury gradually building into a recovery. If visitor flows and gold prices hold, the coming quarters are likely to determine whether January’s 31.1% gain is the start of sustained value expansion or a seasonal peak.