in 2001. The first decade of the 2000s saw a real rush on China by most luxury groups, which continues today. However, it seems that the early bird gets the worm, and the groups that established themselves first on the Chinese market pulled ahead. In this respect, it is worth mentioning the The “Swiss early presence of the Swatch Group in watchmaking China, particularly through its joint exception” will continue venture with Xinyu Hengdeli. Omega and Longines are among the leading to require careful brands on the Chinese market. nurturing in China.
After 400 years of seduction, what comes next? From the fascination of the Chinese Imperial Court for the chiming clocks of European missionaries to the proletariat’s enthusiasm for the “three things that turn” (bicycle, watch, sewing machine), over the course of more than 400 years, a unique interest has developed in China in the art of Western watchmaking. The new Chinese economic and political elites and the newly formed Chinese middle class, in search of strong status symbols since the country opened up to globalisation, fuelled the growth of the Swiss watch industry to double its size at the dawn of the new millennium. The accelerated digitisation of the Chinese way of life, coupled with a strong consumerist appetite, is the dominant feature of the contemporary watchmaking market. With Western countries stagnating, and other promising economies having collapsed or failed to take off, Swiss watchmaking has become heavily dependent on Chinese buyers. This also exposes it to sharp declines when events stir up this very specific clientele, whether it is the anti-corruption campaign of 2015 or the current events in Hong Kong, the world’s largest watch hub. Will the new Chinese generations, these digital natives who are the first to be born in a flourishing economy, remain fascinated by the beautiful but ancient art of watchmaking? The differentiating status of the Swiss watch is undoubtedly what creates its desirability today, with an ever-increasing push towards the top of the range. But the “Swiss watchmaking exception” will continue to require careful nurturing in China.
Fiyta Talent Collection 27