Anti-corruption movement did not want to sing Lian sign of abating, of course, impact on the market was immediate. As long as government officials was photographed wearing luxury watches, it will immediately being questioned, and the earlier deep-rooted “gifts” culture can only be a low-key.
One of the reasons many anti-corruption action affects only luxury watch sales in China and Hong Kong, in addition, the economic slowdown, currency fluctuations, the integration of mature luxury markets, changing travel preferences and the rise of this new competitive environment will be played influences.
According to data of the Federation of the Swiss watch industry shows that Hong Kong and mainland China, Swiss watch imports from the first nine months of 2014 were 1.1 billion Swiss francs (mainland China) and 2.9 billion Swiss francs (Hong Kong) fell to the same period this year 899 million Swiss francs and 22 million Swiss francs.
In contrast, back in 2012 in Hong Kong imports of Swiss watches worth a total of 4.4 billion francs (about 4.7 billion US dollars), double-digit growth every year.
Remove these data, for luxury watch brands, there are still positive factors that could help them seize the Chinese consumers, especially when they travel out of time.
Colin Gilbert, vice president of Digital IQ Products, said: “Chinese consumers have not stopped buying luxury watches diet with weak renminbi and the euro strong, no doubt for people to buy high-end products abroad to create a motive in the long run. , one with the Swiss trade agreement signed in 2014 will adjust the price gap between regions help, but it had a decade to make adjustments. “