Hong Kong-based jewellery retailer Chow Tai Fook has posted impressive sales figures for the third quarter, reflecting a surge in tourism across Asia. Sales for the three months ending December 31, 2023, experienced a remarkable 46% year-on-year increase.
The mainland China market saw a 42% improvement in retail sales, while other markets, including Hong Kong and Macau, witnessed a substantial 70% spike. Same-store sales of gold jewellery recorded a notable 32% increase, while gemstone-set jewellery experienced a marginal decline of 1.9%.
The company anticipates continued strong demand for quality gold jewellery, emphasizing craftsmanship and leveraging research and development (R&D) and intellectual property (IP) in product design to incorporate rich Chinese cultural elements. With 2024 being the Year of the Dragon in the Lunar calendar, Chow Tai Fook plans to launch its new HUÁ Collection featuring the Dragon later this month to capitalize on the Chinese New Year sales opportunity.
This follows the retailer’s upward trend in sales, with a 5.8% increase in the second quarter and a substantial 29% surge in the opening quarter. The positive sales trajectory aligns with the broader improvement in tourism, showcasing the resilience and adaptability of the jewellery market in the region.
