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Luxury Watch Brands Are Increasing Their Online Presence in China2021/05/04
The exportation of Swiss watches to Mainland China accounted for $2.39 billion from January to November 2020. (source: The Federation of the Swiss Watch Industry)
This was an increase of 17.1% year-on-year when more significant markets showed a double-digit decrease.
Watch brands greatly suffered from the absence of Chinese tourists.
To reconnect with growth, numerous brands (IWC Schaffhausen, Piaget, Vacheron Constantin etc.) took on the Chinese e-commerce market last summer by joining the Tmall Luxury Pavilion.
- The Queen's Day Campaign of 2020 showed incredible results for watch brands. The demand and purchasing power for the watch category grew at a rate of over 126%, becoming the fastest-growing category (source: Full Jet Insights). Watch brands successfully used different incentives to encourage purchasing. For example, Longines provided gifts with purchase and interest-free installments.
- The Watches and Wonders Exhibition was held in Shanghai for the second consecutive year. The exhibit was a success, with twice as many brands participating compared to last year!