I was travelling in Hong Kong and Shanghai with Tom and Ivy a few weeks ago and I was struck by the number of watch shops or boutiques selling almost every brand of watch I had ever heard of. This got me to wondering what or who were the largest watch consumer’s.
I managed to find these stats in an article on Basel World 2011.
|Country Ranking||2005||2011 (Jan – March)|
Whilst China was 10th in 2005, they are now No.3 and if the US economy keeps heading the way it is, China may soon overtake the US by the end of this year.
Hong Kong’s ranking was not a surprise but it was interesting to see that Singapore ranks 5 globally.
Obviously, one thing the numbers do not show is who are actually buying these watches. In the same srticle, it said that some Swiss watch executives estimate that upwardly mobile Chinese buyers account for as many 1 in 10 Swiss watches sold.