Market Report, "Jewellery in Hong Kong, China", published

The surging growth of retail sales of jewellery in 2013 due to the gold rush formulated a huge base for subsequent years. Current value growth rates in 2014 and 2015 saw progressive decline at 8% and 5%, respectively. This is attributable to several economic factors and societal situations. The massive political protests, named Occupy Central, which took place during the fourth quarter of 2014 caused a significant decline in tourist numbers and the closure of retail stores in affected shopping streets. This has drawn a disappointing sales performance in luxury goods, especially jewellery and watches, as affluent Chinese tourists have diverted their shopping destinations to neighbouring countries. Social tensions have arisen between mainland tourists and local residents who criticised Chinese visitors’ misbehaviour in public causing disruption to locals’ daily commute. Such factors have discouraged Chinese visitors from planning trips to Hong Kong.

Competitive Landscape

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Chow Tai Fook Jewellery Group Ltd was the leading jewellery player in Hong Kong, commanding a value share of 19% in 2014. Chow Sang Sang Holdings International Ltd followed in second position in 2015 with 12%. Real jewellery is led by these two brands, together with the third largest player, Luk Fook Holdings (International) Ltd, which accounted for a 10% value share in 2014. The three brands have very positive images in the minds of mainland Chinese consumers, the largest customer group for real jewellery retail sales in Hong Kong, and are perceived as creative, stylish and unique. Nevertheless, a slowdown in retail sales of luxury goods affected jewellery in 2014 and 2015, when most brands recorded a decrease in revenue from real jewellery.

Industry Prospects

Despite mainland Chinese consumers’ appetite for luxury jewellery for personal use remaining strong given the rising middle class, attributed to rising disposable income, Hong Kong’s limited capacity and intense social tensions are likely to fend off affluent Chinese tourists from visiting. Furthermore, sky-high retail rents are pushing up retail prices, and the Hong Kong currency value is expected to continue to increase, making the city expensive for foreigners to shop. As such, jewellery sales are expected to be lacklustre rising by a value CAGR of 2% at constant 2015 prices over the forecast period.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Jewellery industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

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