(jingdaily.com) - For more than a decade, Hong Kong was the Swiss watch industry’s number one export market. However, that is no longer the case. According to the Sell-Out Index, which measures the aggregated sales performance of the watch and jewelry industry in selected markets every month, China’s special administrative region lost half of its hard luxury sales between 2018 and 2021, down to $2.5 billion from $5.7 billion. Previously, the duty-free peninsula was the Mainland’s preferred shopping destination for Swiss watches. But a pro-democracy demonstration in 2019 and restricted entry into Hong Kong for non-residents since the pandemic outbreak in 2020 have hammered the city’s retail sector. Now, Chinese shoppers are shying away from spending there.
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