Chow Tai Fook sales in Hong Kong soared 21 per cent in the first quarter as mainland tourists returned to the territory to shop.

The jewellery group says same-store sales in Hong Kong and Macau rose 26 per cent in the three months to June, with sales of gold products up 31 per cent and of gem-set jewellery by 26 per cent.

And same-store sales by volume – static in the mainland – surged 13 per cent.

“Hong Kong and Macau market recorded an impressive growth during the quarter, benefitting from an improving local consumer spending and reviving Mainland visitation,” said chairman Dr Henry Cheng Kar-Shun, in a market update.            

“The percentage of retail sales value (RSV) settled by China UnionPay, Alipay, WeChat Pay or RMB [compared with] the total RSV of Hong Kong and Macau market, a proxy for sales contribution from Mainland tourists, improved to 48 per cent in the quarter as compared to 41 per cent of the same period last year.”

Chow Tai Fook opened a net 71 points of sale in Mainland China during the quarter, which included a net 62 new Chow Tai Fook Jewellery, one CTF Watch, three SoInLove and five Monologue points of sale. In Hong Kong, Macau and other markets, the group opened one Chow Tai Fook T Mark store in Hong Kong and three Chow Tai Fook Jewellery stores, which are located in Japan, Malaysia and Singapore. As at June 30, the group had 2660 points of sale in total.