“China is becoming the most important luxury market in the world,” Chinese businessman and watch collector Andy Zhang tells deployant.com. “The Chinese are buying around 40% of the whole watch industry volume.” Hang on. What does Mr. Zhang mean by “the whole watch industry volume”? Is he saying that . . . .
China consumes 40 percent of the entire world’s watch production? With around 1.4 billion folks trapped inside The People’s Republic, it’s not an incredible assertion.
The average Chinese worker earns 8261 Yaan or $11,520.63 per year (well below the official U.S. poverty line for a one-person household). So if the PRC is the world largest watch market, we’re talking tens of millions of extremely cheap watches.
If Mr. Zhang is saying that China accounts for 40% of world’s luxury watch sales, that’s another story entirely. Either way, the Chinese factory owner has sunshine in a bag.
“Brands that continue to find new ways to penetrate the Chinese market (by innovating and creating new product lines or engaging in collaborations) will thrive. China has a bright future in luxury goods.”
Setting aside the fact that people are walking around in China’s communist paradise wearing watches worth ten times the average worker’s salary, a luxury watchmaker setting up shop in China is doomed to suffer the same copyright infringement and unauthorized technology transfer as every other Western company making or selling stuff in the PRC.
Unless the game changes. What are the odds?
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