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Hong Kong Boost In Luxury Watch Sales

02-23-2011 08:38 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Watches 2U

Hong Kong saw a massive boost in retail sales last week due to the extra influx of Chinese visitors because of the recent lunar New Year.

Sales of luxury items such as diamond and gold jewellery, designer perfumes, handbags, clothing and luxury watches were boosted by tourists visiting from mainland China to celebrate the annual event. The total number of visitors from mainland China to Hong Kong were well up on last season for the same period reaching a record 663,000 which was much higher than last years 570,000, according to figures released by from the Hong Kong Immigration Department.

China is now one of the leading countries whose ever growing demand for luxury goods has seen a steady growth year upon year and is soon set to be the main world market for such products.

The lower tax rate in Hong Kong means prices of luxury goods are an average of 30% lower and that there is less chance of products being fake or counterfeit, this combined with the New Year celebrations meant an influx of product hungry Chinese visitors ready to splash out on an array of luxury high end goods with many people citing a luxury watch as their main purchase.

Aaron Fischer, an analyst for CLSA Ltd based in Hong kong said 'Per-capita spending on watches in Hong Kong is off the charts,' and according to figures provided by the Federation of the Swiss Watchmaking Industry sales in Hong Kong accounted for about 20% of total world exports for Swiss watches, which totalled 16.2 billion Swiss francs last year.

Watches 2U are UK online retailers of brand name designer watches.

Watches 2U
Unit D Mill Green Business Park
Mill Green Road
Mitcham
Surrey

http://www.watches2u.com

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