Chinese Appetite for Designer Watches is Strong as Ever

Date: October 13, 2009

Despite the credit crunch, a high number of wealthy Chinese are buying luxury watches. Luxury watches are in demand in China despite the economic downturn, research by a New York firm reveals. Pao Principle found that nearly two-thirds of affluent Chinese men and one-third of women have bought a designer watch in the last year.

Several leading watch distributors are now looking east in their attempt to cash in on China’s thriving economy. A spokesman for the research firm said: “The one-child policy has spawned a generation of more self-centered individuals. No longer content to be one of the crowd, this group looks to luxury goods to help achieve this goal.”

The Chinese government’s stimulus package worth around £380 million means the country is on track for eight per cent growth this year – more than any other major economy. It was reported by the Financial Times last month that Swiss watchmakers plan to manufacture their way out of recession.
Brands such as Ebel and Baurne and Mercier say they will create
intricate limited editions to boost revenue.
© Precision Time Ltd