Hong Kong jewellery retailer Chow Tai Fook has reported another quarter of strong sales as tourism continues to improve in Asia.
Sales in the third quarter increased by 46 per cent on a year-on-year comparison for the three months ending 31 December.
Retail sales improved by 42 per cent in mainland China, while sales spiked by 70 per cent in other markets, including Hong Kong and Macau.
Same-store sales of gold jewellery increased by 32 per cent, while gemstone-set jewellery decreased by 1.9 per cent.
“In the near term, we expect Chinese consumers to continue showing a strong preference for quality gold jewellery differentiated by exquisite craftsmanship,” the statement reads.
“To capture the demand of our younger consumers, we are progressively leveraging our extensive R&D (research and development) and IP (intellectual property) in product design to incorporate rich Chinese cultural elements in some of our collections.”
The statement added: “As 2024 marks the Year of Dragon in the Lunar calendar, this typically translates to a good year for jewellery consumption, particularly around CNY (Chinese New Year – 10 February). We will be launching our new HUÁ Collection featuring the Dragon later this month to seize the CNY sales opportunity.”
Sales at Chow Tai Fook increased in the second quarter by 5.8 per cent and by 29 per cent in the opening quarter.
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