Luxury watches 'have their home in Shanghai'

First published: 26-09-2011

Shanghai is fast becoming one of the biggest locations for luxury watch purchases, with people in their 20s and 30s making up a large proportion of the market.

The desire for luxury products across China and in Shanghai is particular is growing fast, with AFP reporting how many consumers will be happy to pay as much as $45,000 (£28,000) for a single timepiece.

Commenting on the trend, editor of Chinese Vogue Angelica Cheung said that the city is the place where many expensive brands choose to have their headquarters in the country.

"There is a tradition - already in the twenties and thirties, Shanghainese were more into dressing stylishly," Ms Cheung told the news provider.

She added that it is a very commercial city taking precedence over Beijing, which for a long time did not have a strong enough real estate market to support large shopping malls.

A recent study from HSBC also showed that purchases of luxury watches in China were on the increase.  

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