Swiss watch exports to China may still be slumping in the wake of the government’s anti-corruption campaign, but Chinese demand remains a key driver of the global watch market, according to a new CCTV America interview with Founder and CEO of Digital Luxury Group David Sadigh.
In the video above, Sadigh notes that Digital Luxury Group’s recent report on global internet searches for Swiss watch brands found that Chinese interest in Swiss watches is higher than that of the United States, Germany, and Japan, which all saw a decline in desirability for Swiss watches last year. Global demand for Swiss watches based on internet search statistics grew 5.6 percent last year, while demand for ladies’ watches grew 7.5 percent. “The key influence of this growing market is coming from Asia, and China more specifically,” says Sadigh. He adds that the increase in Chinese travelers means that watch retailers in Europe and the United States will benefit from this demand.
Sadigh also notes that Chinese customers have very different tastes from the rest of the world. While Rolex is king everywhere else, Omega dominates in China. “Omega is doing extremely well in Asia, as opposed for example to the U.S., where Omega is not at the moment performing really well,” he said.