Watchmaking in China

China: what is at stake for luxury watchmaking in Hainan?

MARKETS

By Serge Maillard

February 2021

The rise of Hainan, the tropical island in the South China Sea, as a hub for Chinese mainlanders’ luxury offshore shopping – in the works since 2011 – has been boosted by new tax rules and the hiatus in international travel. International brands are rushing to stake their claim in this important destination. Martin Moodie, an expert in duty free trade and author of the famous Moodie Davitt Report, helps us understand this crucial development for the future of luxury, including for watchmakers.

China: what is at stake for luxury watchmaking in Hainan?

MARKETS

By Serge Maillard

February 2021

China: what is at stake for luxury watchmaking in Hainan?

The rise of Hainan, the tropical island in the South China Sea, as a hub for Chinese mainlanders’ luxury offshore shopping – in the works since 2011 – has been boosted by new tax rules and the hiatus in international travel. International brands are rushing to stake their claim in this important destination. Martin Moodie, an expert in duty free trade and author of the famous Moodie Davitt Report, helps us understand this crucial development for the future of luxury, including for watchmakers.

T

here is little doubt that the future of the Swiss watchmaking industry will continue to be written in Chinese, as has been the case since the opening of the country to globalisation at the turn of the millennium. Last year, it was the only major market to record growth (+20%), as exports of Swiss watches were hit by a record contraction.

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