Statistics released by the Federation of the Swiss Watch Industry reveal just how significant a role the Chinese market is playing in the Swiss timepiece business.
In 2011, consumers in China and Hong Kong spent over $5.90 billion on Swiss timepieces, cultivating 29.7 percent of total Swiss watch exports. The majority of these consumers are in the mainland. Luxury watches are the most common choice for Chinese consumers, and according to another study, these buyers consider timepieces investments as well as collectibles.
According to Zhou Ting, the executive director of the University of International Business and Economics’ research center for luxury goods and services, these consumers will likely bring the luxury watch export count to over 200,000 for 2012.
Pictured: Swiss brand OMEGA ambassador Zhang Ziyi, the woman with the highest rank on Forbes’ list of China’s most powerful celebrities.
Photo credit: OMEGA