Hong Kong Watch Sales Plunge as Chinese Austerity Bites: Chart

Hong Kong is losing its shine as a shopping mecca for rich Chinese looking to pick up a Rolex or Tudor timepiece, with monthly retail sales for watches and clocks down more than half since the mid-2013 peak. The city’s gems and timepiece chains such as Chow Tai Fook Jewellery Group Ltd. and Emperor Watch & Jewellery Ltd. have seen their stocks plunge over that period. The decline in Swiss watch exports to all major Asian nations deepened in March, and sentiment in Hong Kong may have worsened with the Chinese government’s austerity measures, said Bloomberg Intelligence luxury goods analyst Deborah Aitken.

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