Luxury watchmakers follow the money to Asia
HONG KONG — A measure of any Asian businessman is the time he keeps and, far more importantly, the watch he wears to mark it.A handshake can be soft or firm…
HONG KONG — A measure of any Asian businessman is the time he keeps and, far more importantly, the watch he wears to mark it.A handshake can be soft or firm but will likely soon be followed by a glance to the wrist to see the watch wrapped around it, especially in China.A heavy slab of gold could be a marker that the person is from an inland city. A more expensive, understated watch could be a sign that they're from the coastal cities of Shanghai, Shenzhen or Beijing.New money, in Chinese terms, versus old. Around 10 or 15 years ago, the coastal cities would also just go for gold; a chunky watch with a meaty gold strap, says watch enthusiast Harry Qin."In Asia probably more than in Europe or North America, a watch is something that can hint the status," the Shanghai private equity investor, who has a $250,000 collection of 18 timepieces, told AFP."But many businessmen just wear a gold Rolex. Especially in less developed cities inland, a gold Rolex is still a very easy way to show other people that you've got money."Taste for fine watches has developed over time, says Qin, who is just one of the many enthusiasts and serious collectors in Asia that helped make 2010 the second best year in the Swiss watchmaking industry's history.Not bad, in the middle of a severe global downturn.Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry, estimates export sales for brand new watches for 2010 should be "slightly better" than the 2007 figure of $16.5 billion. Only 2008 was better, at $18 billion.Over half of those exports went to Asia."It is our first market," he told AFP. "For the first eleven months of 2010, 52 percent of our Swiss watch exports in value went to Asia."Asian markets, except Japan, are generally growing faster and stronger than other markets due to the positive economic situation in these countries."Sales were up almost 55 percent in mainland China and almost 46 percent in Hong Kong.The main driver behind the market is simple: hundreds of thousands of Chinese people now have s
last modification 2011-02-04 05:45:02
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