Hong Kong's Luxury Results Jump in January

RAPAPORT... Sales of jewelry, watches and other luxury items in HongKong rose in January, despite the Chinese New Year falling out a month laterthan last year, according to the municipality's data authority. January retail sales for the category increased 10% year onyear to $1.03 billion (HKD 8.07 billion), Hong Kong's Census and StatisticsDepartment reported last week. Total retail sales for all sectors jumped 4.1% to $5.73 billion (HKD 44.88 billion). The lunar New Year fell on February 16 rather than January 28,which was when the holiday occurred in 2017. Unlike last year, consumers had the first two weeks of February to complete their shopping for the holiday. Even so, January saw strong retail sales, a government spokesperson said. "This suggests that consumer sentiment has been ratherrobust on entering 2018," the spokesperson added. "Looking ahead, thefavorable job and income conditions, [along with] sustained recovery in inboundtourism, should continue to render solid support to retail business in the nearterm." In 2017, the total number of touristsarriving in Hong Kong rose 3.2% to 58.5 million, according to the Hong KongTourism Board. Professional-services firm PwC expects 4% to 6% growth inthe municipality's retail sales in 2018, Reuters reported last week, while HangSeng Bank predicts a 4% increase.Image: Msiafkd