Tourist spending patterns in Hong Kong are changing, with a noticeable drop in sales of mid-priced jewelry, according to gold jeweler Chow Sang Sang (0116).
Vincent Chow Wing-shing, chairman of the company, said that spending on entry-level items has increased. At the same time, purchases of high-end jewelry have declined. However, demand for luxury items remains stable.
Chow noted that sales during the Labour Day Golden Week were satisfactory. He also expressed optimism about business in the coming six months, including during the National Day holiday. He credited government efforts to support tourism as a reason for the positive outlook.
Chow added that it is difficult to predict how global gold prices will move. He said geopolitical tensions and economic trends create uncertainty for gold jewelry demand.
To manage risks, the company has adopted hedging strategies. These are designed to reduce the effect of gold price swings on its financial performance.
Looking ahead, Chow said the company will keep adjusting its store network in mainland China. This includes closing shops that perform poorly and opening new ones in upscale locations with strong potential.
Related topics:
- Pandora Unveils Nature-Inspired Summer Collection
- New Official Sailor Moon Jewelry Collection Celebrates Inner and Outer Senshi
- Cowichan Artist Brings Ancient Mammoth Ivory to Life Through Jewelry
