Watch future bright despite drop in China demand
Print Edition
BASELWORLD, the showcase for watchmakers, opened on a bright note last week, with industry leaders seeing a rise in global demand despite a sharp slowdown for expensive watches in China.
“We are confident for 2014,” Jean-Daniel Pasche, head of the Swiss Watch Industry Federation, said before the world’s largest watch fair opened on Thursday.
Swiss watch exports swelled 5.6 percent in January and 7.0 percent last month, but overall growth has slowed. High-end Swiss watchmakers have been hard-hit by a drop in demand in China, which has driven breathtaking growth for several years.
But the bonanza suddenly lost its spring last year as Beijing attempted to rein in corruption, including bans on extravagant gifts in business settings, sending Swiss watch exports to China down 12.5 percent.
Swiss industry watchers said the China example showed that it is important to be present around the world, not just in China.
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