GENEVA: 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
for watchmakers, contracted by 13.6 per cent in 2022 due to Beijing's zero-COVID policy and the surge in infections when it was lifted at the end of the year.
With China reopening, many financial analysts have sharply raised their growth forecasts for the luxury sector as a whole in 2023. According to the US investment bank's estimates, luxury goods lovers in China made up about 60 per cent of the sector's growth between 2000 and 2019. "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.Morgan Stanley analysts expect Chinese consumer spending on luxury goods to increase by 20 per cent in 2023.
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