GENEVA, April 2 — Switzerland’s major luxury watch brands are cautiously optimistic that Chinese tourists will boost sales this year, if they return to Europe in large numbers...
GENEVA, April 2 — Switzerland’s major luxury watch brands are cautiously optimistic that Chinese tourists will boost sales this year, if they return to Europe in large numbers after the easing of domestic Covid restrictions.
“China will regain a positive dynamic,” the federation’s president Jean-Daniel Pasche, told AFP at the industry’s annual Watches and Wonders trade fair in Geneva, where 48 brands such as Rolex, Cartier and Patek Philippe were showing off their latest creations. Morgan Stanley analysts expect Chinese consumer spending on luxury goods to increase by 20 per cent in 2023.
“When a market so important is changing trajectory it has an impact” across the whole of Asia, he told a Watches and Wonders press conference. For now, the top priorities at Hermes, which was presenting its new watches in Geneva, remain “to enlarge the average size” of its stores and “gradually increase our presence in China” by opening one boutique a year in a new city, he explained.
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