China Overtakes Hong Kong’s Position as Watch Industry’s N°1 Export Market

Jewelry
09/09/2021 10:35

Jing Daily reports that Mainland China has taken over Hong Kong’s position as the largest export market for the Swiss watch industry. Hard luxury sales more than halved in the past 5 years, to US$2.5bn, from US$ 5.7bn. After a turbulent few years with typhoons, enduring political unrest and the pandemic restrictions imposed on travel, Chinese shoppers are moving away from shopping in Hong Kong and luxury brands have responded to that trend quickly by expanding their online and offline presence to mainland China, especially to the tax-free hub in Hainan. Jing Daily concludes that if the trend continues, it is “unlikely that Hong Kong will ever regain its market dominance again.”