In November, Swiss watch exports to China experienced a dramatic drop of 27.6% year-on-year, marking one of the sharpest declines in recent history. As a result, China fell from the third-largest market for Swiss watches to the ninth position. This significant shift has raised concerns within the industry and sparked discussions about changing consumer behavior.
A separate report highlighted that the Shanghai Composite Index surged by 10.85% during the same month, outperforming global markets. The number of new shares issued reached approximately 1.084 million, signaling renewed investor confidence after four years of relative stagnation.
Meanwhile, an article circulating on WeChat titled “Seven Areas Where Chinese Aunties Are Crying Over Stocks†gained widespread attention. The piece linked the decline in luxury goods sales, including Swiss watches, to the shifting dynamics of the Chinese market, with some even labeling Chinese aunties as the "initiators" of the decline in Swiss watch consumption.
According to data from the Swiss Watch Federation, Hong Kong remains the largest export destination for Swiss watches, but even it saw a 13.5% drop in November. China's 27.6% decline was particularly striking, as it marked a major fall from its previous top-three status. The Global Times reported that since 2012, Swiss watch exports to China have consistently declined, with a sharp drop observed 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 Swiss watch industry’s sales in the country. A notable turning point came in August 2012, when the "Yang Dacai watch list" scandal led to a slowdown in the once-rapid growth of Swiss watches in China.
A representative from the China Watch Association told reporters that the current decline in luxury goods sales is natural, given the previous phase of irrational spending. They explained that the market is now moving toward more rational and sustainable consumption patterns. In their view, the slowdown in Swiss watch exports reflects a normal adjustment during this transition period.
The official also emphasized the difference between the "Chinese market" and the "Chinese people." While customs data reflects imports into China, many Chinese consumers are purchasing watches abroad, which falls under the broader "Chinese market." He pointed out that many high-end Swiss brands are targeting the global Chinese audience, not just those within China.
Additionally, he dismissed the idea that Chinese aunties were investing in stocks and no longer buying watches. He noted that survey results from online forums showed that men aged 30–45 made up over 53.7% of respondents, indicating that the market is more diverse than commonly perceived.
Source: Global Times
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