Haute Time: Demand For Luxury Timepieces May Be Slowing In China
Analysts and watchmakers say the Swiss watch industry is unlikely to continue benefiting from the extraordinary growth they have been accustomed to over the last couple of years.
Export of Swiss watches jumped a record 19.2% in 2011, following a 22% increase in 2010 after recovering from a post credit-crunch downfall. Flourishing Asian, particularly Chinese, demand for luxury powered items was behind the increase in reaction to the newly created millionaires and billionaires in the world’s seconds largest economy.
However, Chinese economic growth is slipping, while income for the overindulged rich is on the rise.
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