Jewellery sales in Hong Kong fell 75.2 per cent in March as consumers stay away from shopping districts during the city’s months-long battle against Covid-19.
Sales in the first three months of the year were down by 63.6 per cent, according to the Census and Statistics Department of Hong Kong. Overall sales across all retail categories sank 42 per cent in March and 35 per cent in the first quarter.
Hong Kong attributed lacklustre sales to the scarcity of tourists in Hong Kong as well as dampened consumer sentiment.
“The business environment for retail trade will remain very difficult in the near term amid the deep economic recession and sharp deterioration in the labour market,” the government said.
For its part, the Hong Kong Retail Management Association said majority of its members remain pessimistic about retail sales in the coming months.
It also predicted an average decline of 30 per cent to 50 per cent in sales during the first half of 2020.