People’s Daily recently reported from the Basel Watch Fair, the World Watch and Jewellery Show that is taking place from March 27 to April 3 in Messe Basel, Switzerland. It is the largest watch fair in the world. The Swiss Exhibitors Committee Chairman, F. Thiebaud, reported the statistics for the Swiss watches that were exported to Mainland China. He stated that the total value of the exports in 2013 was 1.2 billion Euros, which represents a 12.5 percent decline from the previous year. The exports to Hong Kong were 3.4 billion Euros, a decline of 5.6 percent. All other key export markets enjoyed growth. China is the primary market for Swiss watches and jewelry, and China is also a primary partner in the Fair. Since last year, the Chinese government has been vigorously cracking down on corruption, which is widely recognized as the key force behind the luxury watch sales in mainland China. However Ms. Ritter, the Chief Executive of the Basel Watch Fair, pointed out that China still remains a very important market even after the “adjustments to the consumer structure.”
Source: People’s Daily, March 29, 2014
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