Swiss luxury watchmakers are predicting growth in the market over the coming year as the demand for watches from North America and Europe is set to offset the slowing sales in China.
The Chinese government’s recent crackdown on the use of luxury watches as bribes and gifts has harmed sales of Swiss luxury watches in mainland China.
"The biggest dark cloud on the horizon is a potential Chinese bubble, we don't know if it's going to burst or not," Jean-Marc Jacot, head of independent high-end watch brand Parmigiani told Reuters in an interview on Tuesday.
"We'll all be hit terribly if something happens in China, let's hope the Chinese government keeps things in check”.
China and Hong Kong account for a quarter of Swiss watch exports. In the eleven months to November the total market was worth SFR 20 billion.
Related Tags:Swiss luxury watchmakers, predicting growth, sales in China, luxury watches, Chinese government, Hong Kong account, Swiss watch exports