Foreign media said, after nearly three years of government austerity policies and economic growth after the slowdown, China’s luxury watch sales reveal signs of rebound. However, including the recent devaluation of the RMB, including a number of factors that may curb the momentum again.
According to the US “The New York Times’ Web site reported that August 17, the Swiss watch almost exclusively mainland China and Hong Kong’s luxury watch market. Luxury tariffs from the mainland, Hong Kong, is a popular shopping destination, is a transportation and re-export center.
Industry data show that from 2005 to 2012, the value of Swiss watch exports to mainland China increased by 3.7 times, from 351.6 million Swiss francs (about 2.3 billion yuan) to 1.6 billion Swiss francs. Over the same period, for Hong Kong’s exports rose to 1.8 billion francs from 4.4 billion francs, an increase of 144.7%.
However, from the end of 2012, China’s demand for luxury table hit. Export-oriented Hong Kong and China combined reduction in 2013 of 7.5%, then stabilized in 2014, only to shrink 0.9%.
“Hong Kong and mainland China slowing demand for luxury watches mainly because of two factors: one is the giver phenomenon Chinese authorities against wasteful spending, and the other is to go abroad to buy luxury goods in mainland changed much,” the Hong Kong Trade Development Council Greater China research team economists had rhyme (Alice Tsang) said.