China’s Importance to the Luxury Watch Industry

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koimaster
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China’s Importance to the Luxury Watch Industry

Post by koimaster » August 8th 2021, 10:31pm

China was the driving force behind the rapid growth in the luxury watch industry, until it wasn't. Consumption is just half the story, for the Middle Kingdom is also an important producer of watches and components. Originally published in Chronos Japan, this editorial explains the importance of China in watchmaking.

A recognised fact in luxury watchmaking is the immense importance of the Chinese consumer. In 2014, a quarter of Swiss watch exports went to China (6.3% of the total) and Hong Kong (18.5%), according to statistics from trade body The Federation of the Swiss Watch Industry (FHS). This growth is relatively recent: Swiss watch exports to China grew from Sfr45 million to SFr1.4 billion in the 14 years to 2014. Throw in the 100 million Chinese tourists who went overseas last year – many of whom love buying luxury goods because of the steep taxes in China – and the proportion of luxury timepieces purchased by buyers from China is immense.

No watch brand will reveal the numbers, but industry insiders reveal that for some high horology brands, as much as half to three quarters of watches are sold to clients from China. Proof of Chinese demand can also be found in the products unveiled in recent years, with dragon and phoenix motifs in enamel being particularly popular; the last Year of the Dragon in 2012 was the high-water mark for dragon-themed watches. Blancpain even created a Chinese calendar wristwatch.

https://watchesbysjx.com/2015/10/explai ... ustry.html
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Re: China’s Importance to the Luxury Watch Industry

Post by bbattle » August 9th 2021, 4:30pm

These statistics are now including Hong Kong as part of China, correct? I'd like to see the break down in the numbers with Hong Kong excluded. Would Mao approve the purchase of a Rolex?

The best way to undermine communism is through mass consumption of personal luxury items. Even though China routinely copies everything it sees, the public wants the real thing; whether it's Levis, Lacoste, or Rolex.
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