Mainland buyers account for more than half the luxury watches sold in Hong Kong
Watch retailers in Hong Kong spend a healthy portion of their annual buying budget at BaselWorld. What they put into their shopping baskets this year will reflect the tastes of the mainland market, as an increasing number of visitors cross into Hong Kong to buy top-of-the-range pieces.
King Fook Group's senior manager, Yip King-hung, said the mainland market consumed more than half the luxury watches (those priced at more than $50,000) sold here.
The importance of this market will increase due to China's imposition on April 1 of a 20 per cent sales tax on luxury watches. Add the 11 per cent to 12 per cent import tax and the watch costs about 30 per cent more in China than in Hong Kong.
'The mainlanders like to buy in Europe and Hong Kong ... so we buy to suit their needs,' said Mr Yip, adding that they bought more men's watches than women's.
Watch retailers will also be keeping an eye out for some of the show stealers. 'There will definitely be buyers for the masterpieces. They attract a lot of interest and draw watch enthusiasts into our shops,' Mr Yip said.
One watch that has attracted a lot of attention this year is Patek Philippe's Ref 5350, which uses the brand's latest silicon balance spring, Spiromax. 'Collectors will be going after it. We don't know how many we will be allocated for our sale, so we are not taking orders yet to avoid disappointing customers,' Mr Yip said.