5 luxury Swiss watch brands driving sales recovery in China
In 2017, makers – including top-selling brands on mainland, Rolex, Longines, Patek Philippe, Omega and Piaget – enjoy strongest growth for five years
This article was written by Huixin Deng and originally published in Jing Daily.
Swiss watch exports saw their strongest growth in more than five years during 2017 according to a report by the Federation of the Swiss Watch Industry.
The poor play with luxury cars while the rich play with luxury watches
Hong Kong and mainland China were the top two markets for Swiss watches, with sales in Hong Kong rising 21.3 per cent to 15 per cent of the market and mainland China sales skyrocketing by 44.3 per cent to account for 10.9 per cent of the market.
According to Bloomberg, the 2012 crackdown on corruption that hammered the luxury watch market in China appears to have played out.
Meanwhile, efforts by the Chinese government to restore luxury spending on mainland China seem to be working.
Independent of external factors, Swiss luxury watches remain hugely popular in China.
A colloquialism illuminates how important they are to signalling success among Chinese elites.