In November, Swiss watch exports to China experienced a shocking 27.6% year-on-year decline, marking one of the steepest drops in recent history. This sharp fall pushed China from its position as the third-largest consumer of Swiss watches down to ninth place. The data has sparked widespread concern, with many analysts pointing to shifting consumer behavior and economic factors as key reasons behind the drop.
Meanwhile, the Shanghai Composite Index surged by 10.85% in the same month, outperforming global markets. The rise in stock prices was accompanied by a surge in new listings, with over 1.084 million shares issued—marking the largest influx since 2016. This contrast between the struggling luxury market and booming stock market has led to increased public discussion about where Chinese investors are directing their capital.
A popular post on WeChat highlighted a growing trend: "Seven areas where Chinese aunties are losing money in the stock market," which included the luxury goods sector. As a result, some have jokingly labeled Chinese consumers as the "initiators of the decline" in Swiss watch sales.
According to the Swiss Watch Federation, Hong Kong remained the largest export market for Swiss watches, but even it saw a 13.5% drop in November. China's 27.6% decline was particularly notable, as it marked a significant shift from its previous status as a top market. Since 2012, Swiss watch exports to China have shown a consistent downward trend, with a major drop occurring in November 2014.
Earlier this year, the chairman of the Swiss Watch Industry Federation acknowledged that the Chinese government’s anti-corruption campaign had impacted the industry. The incident involving Yang Dacai, a former official found with a large collection of luxury watches, marked a turning point. After that, the rapid growth of Swiss watch sales in China came to a halt.
A representative from the China Watch Association told *The Global Times* that the decline in luxury sales is normal given the current economic climate. He explained that China's market had been driven by irrational spending in the past, including excessive gift-giving. Now, he said, the market is returning to a more rational and sustainable phase.
He also emphasized the difference between the "Chinese market" and the "Chinese people." Some brands target the broader Chinese population, while others focus specifically on mainland China. According to him, customs data only reflects imports into the country, not the full picture of consumption by Chinese citizens abroad.
Additionally, he refuted the notion that Chinese aunties are investing in stocks and no longer buying watches. He pointed out that a survey of online users showed that men aged 30–45 made up over 53.7% of respondents, suggesting that the market is still diverse and not dominated by a single demographic.
Source: *Global Times*
Fire Pit,Patio Heater,Electric Patio Heater,Gas Patio Heater,Brazier
JIANGMEN XINXIN METAL PRODUCTS CO., LTD. , https://www.bbqoutdoorgrill.com