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China Takes the Lead in Demand for Swiss Watches

As the pandemic continues to erode revenue, the Swiss industry scrambles to mine its new No. 1 export market.

Shoppers are re-entering malls in Chinese cities like Shanghai, and luxury watch brands are taking advantage with new stores and pop-ups.
Credit...Hector Retamal/Agence France-Presse — Getty Images

By Robin Swithinbank

As 2021 begins, the Swiss watch industry is navigating a new and unfamiliar retail landscape: For the first time, China is the world’s largest market for its products.

China’s almost 1.4 billion residents have been the biggest buyers of luxury watches for several years. But most of their purchases had been outside the country, to take advantage of lower sales taxes in destinations like London, Dubai and Hong Kong.

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