Luxury sales growth in Hong Kong could signal recovery of the Chinese market
Sales of luxury goods in Hong Kong rebounded in a sign that confidence is returning to a Chinese economy that probably picked up pace in the final three months of last year after a seven-quarter slowdown. Sales of luxury goods including jewelry and watches jumped 13.7 percent in November from a year earlier after a 2.9 percent decline in October, Hong Kong’s government said in a statement earlier this week.
“China’s economic data in the past few months have improved and this is supporting luxury sales here,” said Lily Lo, a Hong Kong-based economist at DBS Group Holdings Ltd., Southeast Asia’s biggest lender. “The rebound in luxury sales will be sustainable, although we’re unlikely to see the 30 percent or 40 percent growth of the past.”
adapted from Bloomberg