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China grows into world’s largest watch market

(People's Daily Online)    10:36, June 03, 2019

Consumers experience a smart watch that measures the heart beat on the 2019 China Brand Day. (Photo/Gu Yang)

The 2019 China Brand Day was held recently in Shanghai as part of China’s efforts to pursue high-quality development, during which Fiyta, Shanghai, Ezon and other Chinese independent brands showcased their clocks and watches, China Economic Net reported on May 30.

China has formed an industrial manufacturing system centered on high-precision manufacturing. At the same time, it has developed into the most competitive clock and watch manufacturing base and a key part of the industry around the world, said Wang Mengjin, advisor for the China Horologe Association.

China is getting stronger in the sphere of clock and watch industry development, said Wang.

Under the impact of mobile phones, the watch market experienced a downturn for a short period and then it was revived after finding a new positioning.

China became the largest watch and clock supplier globally in 2018. Statistics from the China Horologe Association indicate that the country produced 650 million watches and 430 million clocks last year, accounting for 83 and 91 percent of the global totals respectively.

“China is the largest market for watches and clocks, consuming 100 million watches and 40 million clocks worth 100 billion yuan at least each year,” said Wang, adding that the Chinese market is expected to enlarge continuously with the national economic growth and accelerated consumption upgrading.

Wang said that many Chinese brands have the capability of independent innovation. Their products feature various looks, functions and cheaper prices. In addition, they also provide many timing instruments for aviation, aerospace and national defense.

In terms of the high-end brands, China still has a long way to catch up with those in Switzerland. Despite this situation, China is in fact the only country that can produce top mechanical watches except for Switzerland.

In the next phase, China will pay more attention to branding and upgrade from the low end of the global value chain to the high end, said the advisor.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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