With China’s booming economy, it’s no wonder it’s the world’s largest market for luxury goods, and that includes luxury timepieces, according to the China top Wristwatch Report.
The luxury watch market is seeing a “blow-out like demand” from wealthy shoppers in China. Customers buy up the expensive watches, not to tell time (which is what we have our iPhones for), but to make a fashion statement or give as business gifts, according to a report published by the Shanghai-based Fortune Character luxury magazine. The first reason stated to buy a luxury watch was to match an outfit. Telling time was last on the list.
The report, which was the first of its kind in China, surveyed 157 “frequent” luxury watch buyers in China, whose annual incomes run into millions of Yuan, and 23 luxury watch brand executives as well.
In 2011, luxury watch imports saw a 49 percent increase to 89,575 timepieces, according to data from the China Customs Information Center.
This year, consumption of luxury watches is estimated to surpass 210,000 with 130,000 imported, making China the world’s largest luxury watch market.