Hong Kong’s hard-luxury retail sector, particularly jewellery, sustained growth in November 2025 amid broader economic recovery. Jewellery, watches, clocks, and valuable gifts sales rose 3.6% year-on-year to HKD 4.64 billion ($595.5 million), marking the seventh consecutive monthly advance. This performance aligns with overall retail sales climbing 6.5% to HKD 33.7 billion.

Jewellery sector revenue reached HKD 4,641 million in November, up from prior months, driven by robust inbound tourism and elevated gold product margins amid rising prices. Volume indices showed a -5.9% dip in some reports, but value growth persisted due to premium pricing. For January-November 2025, cumulative hard-luxury sales edged up 0.7% to HKD 47.01 billion.

Strong visitor arrivals boosted luxury demand, complementing local consumption sentiment improvements from economic expansion. Gold price climbs enhanced retailer margins, supporting jewellery sales resilience despite varied volume trends. Government notes vibrant inbound tourism will continue aiding retail, including jewellery outlets.

Total retail value hit HKD 33,730 million, with online sales surging 28.4% to 11.2% of total. Other categories like electrical goods (+38.6%) outperformed, while fuels declined. Year-to-date retail grew 0.4% to HKD 345.43 billion.