Global luxury brands such as Prada and Cartier are assessing the cost to their business of the four-month hustle and bustle in Hong Kong that has kept tourists out and forced stores to close, and the expected results will reveal the damage.
Hong Kong, which is among the top five luxury destinations in the world, has been a magnet for brands attracted by the flow of visitors from mainland China. The city represents between 5% and 10% of annual global luxury goods sales estimated at $ 285 billion, according to Bernstein analysts.
But Wednesday's data showed retail sales fell 23% in August from a year earlier - the biggest drop ever - while sales of jewelry, watches and other valuable items declined by 47.4%.
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