Rolex, Swatch in Crisis? How China’s Economic Slowdown Is Crippling the Luxury Watch Industry | Firstpost Tech & Trade
The Swiss luxury watch industry, long seen as a symbol of craftsmanship and elegance, is now facing a sharp decline in demand. September 2024 export data reveals a 12% drop in sales, with China and Hong Kong witnessing the steepest declines. The downturn follows a post-pandemic surge, as Chinese consumers scale back spending amidst economic challenges and the Xi Jinping government’s crackdown on displays of wealth. Major brands like Rolex, Swatch and Richemont have been hit, leading to furloughs and inventory pileups. As the industry's future remains uncertain, let's explore how they got here.
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China | Rolex | Economy | Luxury | Swiss | Hong Kong | Xi Jinping | Swatch | Richemont | Firstpost | News Live | World News | Latest News | Global News | International News | News | Trending News
#china #rolex #economy #luxury #swiss #hongkong #xijinping #swatch #richemont #firstpost #newslive #worldnews #latestnews #globalnews #news #internationalnews #trendingnews
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