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The Chinese watch market has shown a great boom in the year 2019. This growth in the industry is due to the demand of the watches both locally and worldwide. A growing, young, millennial population characterizes the local Chinese market. These individuals are creating growth opportunities in the Chinese watch market. Many of the young Chinese people with disposable income are moving towards luxury and customized watches. They realize that watches represent prestige and status. These image conscious young individuals are exploring the watch market looking for branded and customized products that exhibit high social image and status and they are a huge market for the watch manufacturers to target. The millennial in China, those people born between 1981 and 1996, is around 350 million. That is even more than the entire US population and they make up almost 25% of China’s population. These individuals have high potential buying power and there are better educated than the previous generation. According to a research conducted by HKTDC Research in 2016, 50% of them purchased a luxury watch to highlight their style and image. 48% purchased a watch to tell the time. This creates a huge potential in the market and this has been seen both by Chinese manufacturers and many international brands. Many Chinese watch manufacturers are entering the market to capitalize on this potential. In addition to local Chinese demand, there is a huge demand for Chinese watches around the world. According to statistics from the Federation of Swiss Watch Industry, the export volume for Chinese watches was nearly $14 billion in 2018. In terms of numbers, China produced 656 million watches, which include both luxury watches and brand name knock offs.
This potential in the market has been seen both by Chinese brands and many International brands. They are started efforts to enter and capitalize on this growth potential by providing high end, customized watches. Many prominent manufacturers such as Omega, Longines, Patek Philippe and Cartier have entered the Chinese market and advertised their brands by putting their watches on the wrists of famous ambassadors such as Lang Lang, Li Yundi and Yuia Wang.
