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Anti-corruption reduces Swiss watch sales in China: media  

外媒:瑞士名表在中国销量下滑 中国反腐使然?


2013-04-29 07:41     Web Editor: Mo Hong'e comment

(Ecns)-- Luxury Swiss watchmakers say sales of high-end watches on the Chinese market have dropped following the anti-corruption campaign launched by the Chinese government, leading to large increases in inventories and even closures of luxury watch shops, foreign media reported on Sunday.

According to statistics released by the Federation of the Swiss Watch Industry FH, sales on the Chinese mainland in the first quarter dropped 26 percent, but overall overseas sales registered a slight increase of 2.3 percent, thanks to the buoyant Middle East and European markets, in particular Germany and the UK.

"Some watch makers are eager to tap into the Chinese market without taking into account the demands of Chinese consumers for overseas purchases, which could save them high taxes," said Michel Parmigiani, founder of Parmigiani Fleurier, a famous watch brand.

Another contributing factor to the slump is the anti-corruption move by the Chinese government banning government officials from using public funds to purchase luxury items for gift-giving.

It is now widely considered inappropriate for government officials to wear luxury watches, which has a direct adverse effect on luxury watch sales, said John Cox from Kepler Capital Markets.

However, reports also show that despite some temporary blips, sales of the world's leading luxury brands in China are still on the rise.


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外媒:瑞士名表在中国销量下滑 中国反腐使然?



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