China remains largest luxury timepieces market in 2023 … so far

China has been one of the largest markets for luxury watches. The rise of the affluent middle class and increasing disposable income in China has contributed to the significant growth in luxury watch sales in recent years. Chinese consumers’ growing interest in luxury brands and their affinity for luxury goods, including high-end watches, has made China a key market for luxury watchmakers.

Other countries that have traditionally shown strong demand for luxury watches include the United States, Switzerland, Japan, Germany, and the United Arab Emirates (particularly Dubai). These countries have a long-standing appreciation for luxury timepieces and often have a significant presence of luxury watch retailers and enthusiasts.

Top 5 luxury watches brand in China

Several luxury watch brands have gained popularity and have a strong presence in the Chinese market. Some of the well-known luxury watch brands that have a significant following in China include:

1. Rolex: Rolex is a globally recognized luxury watch brand that is highly regarded for its craftsmanship, precision, and timeless designs. Rolex watches are sought after by Chinese consumers for their status and investment value.
2. Omega: Omega is another renowned Swiss luxury watch brand that has a strong presence in China. It is known for its sports watches, precision, and association with prestigious events like the Olympic Games.
3. Patek Philippe: Patek Philippe is highly regarded for its exquisite and intricate timepieces. The brand’s reputation for exceptional craftsmanship and limited production runs has made it desirable among Chinese collectors and watch enthusiasts.
4. Cartier: Cartier is a luxury brand known for its elegant and refined watches. Its iconic designs and reputation for luxury and prestige have resonated with Chinese consumers.
5. Audemars Piguet: Audemars Piguet is a Swiss luxury watchmaker renowned for its high-end and complex mechanical watches. It has a strong presence in China and is favored by watch enthusiasts for its craftsmanship and innovative designs.

An after COVID-19 effect ?

Luxury retail in China saw a rebound in high end consumer demand. Several factors contributed to this recovery:

1. Domestic consumption: As international travel restrictions limited outbound tourism, Chinese consumers shifted their luxury purchases domestically, leading to increased sales in luxury retail within China.
2. Digital transformation: The pandemic accelerated the adoption of online shopping and digital channels, even within the luxury segment. Luxury brands expanded their e-commerce presence and leveraged digital marketing strategies to reach consumers in China, leading to increased online sales.
3. Duty-free shopping: The Chinese government introduced policies to boost domestic consumption, such as the expansion of duty-free shopping policies in Hainan province. This led to an increase in luxury shopping by Chinese consumers within the country.
4. Resilience of the Chinese market: China’s relatively quick recovery from the pandemic and its robust consumer base contributed to the resilience of the luxury retail sector. Chinese consumers’ appetite for luxury goods remained strong, supported by factors like rising disposable income and a growing middle class.

All indicators agree on China becoming leading luxury retail market in the world ahead of the USA and Europe.