China Slowdown Hits Hong Kong Jewelry Sales, Luk Fook Says
Chinese tourists are spending less money in Hong Kong as the mainland economy slows, weakening demand for jewelry, said Wong Wai Sheung, chief executive officer of Luk Fook Holdings (International) Ltd. (590)
Sales at Luk Fook’s stores, mostly in Hong Kong and the mainland, may grow less than 10 percent for the rest of 2012 compared to the same period a year earlier, Wong said at a press briefing in Hong Kong yesterday. That compares with a 47 percent gain in the year ended March 31.
“Visitor arrivals are growing, but as the Chinese economy is slowing, the mainland shoppers in Hong Kong are not splashing out as much,” Wong said. “I’m not too optimistic about the jewelry market this year.”
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