China's graft crackdown hits watches, luxury market
SHANGHAI (AFP) - Luxury watch sales fell in the key Chinese market this year in the face of a crackdown on corruption and extravagance, a global consultancy said.
Watches account for over one fifth of China's domestic luxury market and dropped by 11 per cent to 27 billion yuan (S$4.4 billion) in 2013, Bain & Company said in a report.
China's luxury market has boomed in recent years on the back of its economic rise, but overall sales grew a mere two per cent this year to 116 billion yuan, it said, a shadow of the 30 per cent growth recorded in 2011.
Growth was likely to remain slow in 2014, given China's ongoing anti-corruption campaign, according to the report.