FEATURED SCMP: Hong Kong luxury Swiss watch sales face an uncertain future, as stores await a tourism rebound and mainland Chinese customers spend money at home
Tough challenges lie ahead for the luxury watch industry in Hong Kong, but as Amrita Banta, managing director of luxury consulting company Agility Research & Strategy, points out, other regions are struggling to compete with China’s sudden popularity as a place to shop for watches and jewellery.
Watch brands have now focused on exporting directly to China. If pricing is very competitive in China then the reason to buy in Hong Kong will be less and less over time. But if prices are competitive and close to Europe pricing, then even buying in Europe will also get less and more will be bought locally in China,”she explains