Hongkong'S Hard Luxury Market Slumped In May

In May, the value of total retail sales in Hongkong was temporarily estimated at HK $39 billion, a slight decrease of 0.1% over the same period last year, much better than expected -2.7%, with a value of -2.2%.

The Hongkong Statistical Office also revised sales in April, a year-on-year decline of 2.1%. In the first 5 months of this year, the value of total retail sales in Hongkong dropped by 1.8% over the same period last year.

Hong Kong

Continued weakness, according to the latest statistics of Hongkong Statistics Department, Hongkong market in May

The value of sales of watches and clocks and precious gifts dropped by 14.9%, and continued to decline in double digits, but slightly lower than the previous decline in 20+% and 30+%.

A spokesman for the Hongkong government said that despite the May

Sales were relatively improved. However, sales of jewellery, clocks and watches and luxury gifts continued to record double-digit year-on-year decline, reflecting that the impact of slowing domestic visitor consumption is still significant. The prospects for retail sales in Hongkong still depend on the performance of Hong Kong's tourism industry in the short term. However, the stable employment and income of Hong Kong residents should bring some support to local consumption intention.

In addition to hard luxury, clothing sales decreased by 2.9% in May, while drugs and cosmetics dropped by 1.9%; footwear, related products and other clothing accessories dropped by 1.7%; and optician stores dropped 2%.

However, the sales value of goods in department stores rebounded in May, rising by 7.6%.

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The executive meeting of the Beijing municipal government deliberated and adopted the implementation opinions of Beijing on accelerating the development of sports industry to promote sports consumption. It was put forward that by 2025, the total scale of sports industry will exceed 300 billion yuan, and the added value will be around 50 billion yuan. The proportion of added value of sports service industry will reach 70% of the added value of physical education industry.

The Beijing Daily reported that the proposal also proposed that a large number of large sports service enterprises with collectivization and chain will be set up, and 3 to 5 domestic top class and internationally influential sports listed enterprises should be cultivated to enrich the supply of sports products and services.

It is pointed out that by 2025, 3 to 5 sports leading enterprises with independent brands and international reputation will be cultivated and set up.

Support qualified sports enterprises to strengthen cooperation with foreign sports and cultural institutions, promote export of sports culture products and services, and open up overseas markets.

Foreign sports service and technology enterprises should be encouraged to enter the development of Beijing.

In the field of competition performance, leisure fitness, sports media, venue operation, training, marketing brokers, rehabilitation nutrition, E-sports and other fields, we choose to cultivate 5 to 10 sports backbone enterprises.

It supports all districts and counties to build brand clubs, demonstration venues and brand events.

In promoting industrial convergence, the view was put forward to speed up the innovation of sports products and services and cultivate new sports formats.

We should promote the integration of sports and culture, education, tourism, medical treatment, media, construction, finance, pension and other industries, and promote the development of sports culture, sports training, sports tourism, sports media, sports exhibition and other related formats.

China (Beijing) winter international sporting goods Expo is set up every year in Beijing.

Encourage the development, manufacture and sale of wearable sports equipment, sports fitness equipment, sports nutrition and health food and medicine.

It is necessary to guide conditional district and county planning to set up outdoor camps, hiking service stations, car camping sites, aviation flight camps, boat terminals and other facilities.

Opinions also support social forces to actively provide sports products and services.