I had earlier blogged about China being the largest importer of luxury cars. I chanced on this piece - China is the world number one market for luxury watches too.
"According to a new report by the Digital Luxury Group, a digital market research firm specializing in the luxury watch industry, demand for luxury watches in China has overtaken the United States for the first time. Slated to become available at the 2012 Baselworld trade fair, the Digital Luxury Group’s annual WorldWatchReport covers 20 markets worldwide and 40 brands, including 15 in the haute horlogerie category, where China really stands out. However, as always, the report’s findings should be approached cautiously, as they are based not on sales figures but rather on demand — as tabulated by “intentions expressed independently and anonymously by consumers searching for luxury watch brands through the world’s leading search engines (Google, Bing, Yandex and Baidu).”
Still, the fact that the study analyzed not “the Greater China region” but (mainland) China and Hong Kong separately makes the findings somewhat more significant. Other recent studies ranking China as number one in luxury demand, such as HSBC’s September 2011 paper, failed to break the region down into individual regions."