Sales were up in both traditional markets and emerging markets for Hong Kong products during the holiday season, a new report released by the Hong Kong Trade Development Council (HKTDC) revealed.
HKTDC said in the United States, sales were up three to four percent year on year, while sales in Japan are expected to have grown by about two percent. In both countries, consumer electronics were the most popular choices. These include: smart phones, tablets, TVs and cameras to, game consoles and related software.
Christmas sales in the European Union also improved, as Germany and the United Kingdom though France and Italy were less so.
Emerging markets such as the Chinese mainland, Latin America and the Middle East also performed well. While Christmas is not traditionally celebrated, it has caught on in urban areas and increasingly in rural areas.
The online spending binge on Singles’ Day stole some sales away from Christmas, and the closeness of the Lunar New Year also weighed on Christmas sales.
HKTDC Principal Economist (Global Research) Daniel Poon noted that retail sales during the Christmas season are a sound indicator of consumer sentiment and preferences, giving a valuable pointer to the retail business in the year ahead.
“Value-for-money,” he said, “will continue to be the most important factor for most shoppers, with more and more of them using the Internet to find product information and compare prices. Importers and retailers are still expected to play it safe regarding order size, lead time and pricing, while looking to e-tailing to shore up sales and diversify their sourcing.”
While Hong Kong exporters should focus on traditional markets, Poon said they should also continue to make inroads into such emerging markets as Latin America and Eastern Europe. He added that the mainland, where the government is promoting consumption, should open up new dimensions for Hong Kong companies.