Thursday, 5th August 2004 (3920 views)

Forecasts for Hong Kong's retail sector have suggested that sales probably rose by 17 per cent in June, the eleventh month in a row.

According to Bloomberg the retail sector is booming as a result of increasing tourist arrivals and falling unemployment.

Official figures are due to be released on Friday, following a Bloomberg News survey on retail forecasts from nine economists.

Jewellery is being affected by the retail demand, with profits at Hong Kong based jeweller Luk Fook rising by 62 per cent in the financial year ending March 31.

Luk Fook Financial Controller Paul Law commented: "We're confident that the market will improve. Quite a lot of companies plan to increase payrolls. That will stimulate the market, especially the retail side.'

In addition, gold jewellery is among one of the top products on mainlanders' shopping lists according to findings from the Hong Kong Tourism Board.

 

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