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Quote of the Week: China Impacts Luxury Watch Sector

by

March 15, 2012

“For the first time since the study was launched in 2004, China surpassed the USA as the country exhibiting the highest demand for luxury watches, representing 23 percent of all watch-related searches.”

 

Who said it: Digital Luxury Group

 

In Context: Reuters reports a milestone in consumer spending trends this week, reporting that China has overtaken the United States as the country with the biggest demand for luxury watches. It said that China is the single biggest driver for the watch industry, according to Kepler Research, which estimates Asia will account for two-thirds of the luxury watch market by 2016 from little more than 50 percent last year. The trend gave a boost to Swatch Group’s Omega and Longines brands in face of a slowdown in European sales this year. The World Watch Report, an online survey of more than one billion internet users, also said the number of online searches for watches fell in Germany and Italy, but rose in Japan. (Image source: Omega Watches Press)

 

Where we Found It: Reuters

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