Confirming China’s love for luxury timepieces, the recently released 2012 WorldWatchReport showed that China has surpassed the US in demand for luxury watches.
Here are five insights into the Chinese luxury watch market:
1. China is the number one market for luxury watches based on Internet search
China has overtaken the USA as the country with the highest demand for luxury watches in terms of Internet search, representing 23% of all watch-related searches.
2. Nearly 60% of demand for luxury watches come from first- and second-tier coastal cities
Larger coastal region cities such as Beijing, Shanghai, Hangzhou, and Dalian, have 57% of the nation’s share of searches for luxury timepieces. This also underscores the potential for brands in the relatively untapped Inner China regions.
3. Omega and Longines are the top two brands
Omega (20.2%), Longines (18.9%), and Rolex (10.5%) top the list in terms of Internet searches in China. Omega’s popularity was accelerated by the Beijing Olympic Games in 2008.
4. Brand preference vary by region
Patek Philippe is popular in Beijing and in Guangdong, which also shows preference for Rolex. Cartier is popular in Shanghai. Vacheron Constantin gets the lion share in Zhejiang and Jiangsu.
5. Chinese are staying away from counterfeits
China dropped to the 6th place for replica related searches from its 4th place last year. “In 2011, 2.1% of total luxury watch searches in China were linked to an interest for counterfeits, but this year the figure has dropped to 0.51%.” More Chinese are going after the real goods.
image credit: ross g strachan