Chow Tai Fook reported a slight dip in overall sales for the fourth quarter ending 31 March, reflecting a complex retail environment shaped by economic uncertainty and fluctuating gold prices. The company recorded a 1.5% decline during the period, with mainland China—its largest market contributing over 80% of total revenue—seeing a sharper drop of 8%.
The quarter was marked by unpredictable external conditions and record-high gold prices, which significantly influenced consumer sentiment and spending patterns. While elevated gold rates created hesitation among some buyers, they also drove demand in specific segments.
Interestingly, gold jewellery continued to perform strongly despite price volatility. Sales in Hong Kong and Macau surged by 47%, while mainland China registered a 7% increase, indicating sustained consumer interest in gold as both adornment and investment.
On the other hand, gemstone jewellery faced a slowdown across both regions, suggesting a shift in consumer preference towards gold-focused purchases amid uncertain market conditions.
