The exportation of Swiss watches to Mainland China accounted for $2.39 billion from January to November 2020. (source: The Federation of the Swiss Watch Industry)
This was an increase of 17.1% year-on-year when more significant markets showed a double-digit decrease.
Watch brands greatly suffered from the absence of Chinese tourists.
To reconnect with growth, numerous brands (IWC Schaffhausen, Piaget, Vacheron Constantin etc.) took on the Chinese e-commerce market last summer by joining the Tmall Luxury Pavilion.
The Queen’s Day Campaign of 2020 showed incredible results for watch brands. The demand and purchasing power for the watch category grew at a rate of over 126%, becoming the fastest-growing category (source: Full Jet Insights). Watch brands successfully used different incentives to encourage purchasing. For example, Longines provided gifts with purchase and interest-free installments.
The Watches and Wonders Exhibition was held in Shanghai for the second consecutive year. The exhibit was a success, with twice as many brands participating compared to last year!