Chinese consumers buying more luxury watches

First published: 07-09-2011

Consumers in China are increasingly looking to get products from a range of luxury brands, with the sales of items like watches increasing.

Research carried out by HSBC has found that the demand for products, which also include items like jewellery, is rising at such a rate that it is likely the number of purchases taking place will soon overtake those happening in Japan.

"Displaying wealth has become a trend in China and we think this will continue to translate into growing purchases of luxury goods for oneself, or as gifts," the study explained.

It noted that one group driving this trend was affluent female consumers, between the ages of 30 and 49 years, who represent 17 per cent of the nation's total population.

The market for buying watches in Asia has also recently seen a boost from South Korean shoppers, with research by McKinsey finding that those who spend more than £5,000 a year on luxury goods are fuelling the trend.  

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