China’s influence on watch market grows despite softening industry outlook

China’s impact on the global watch market has long been linked with the country’s formidable purchasing prowess. While recent indicators hint at a potential softening in luxury watch consumption, mainland China remains the premier consumer market for luxury timepieces worldwide. This enduring influence was underscored by the robust presence of Chinese delegates at this year’s Watches and Wonders Geneva. Yet China’s sway over the global watch industry may extend far beyond spending power alone. In the years to come, the country’s impact on the watch industry could prove increasingly significant for several emerging frontiers. Chinese culture as a source of inspiration At this year’s Watches and Wonders Geneva, Roger Dubuis showcased a captivating interpretation of the Year of the Dragon through its Monotourbillon timepiece. Departing from its previous Excalibur Dragon, introduced in 2020, this rendition adopts a more abstract approach, allowing for individual interpretation and encouraging wearers to unleash their imagination. Vacheron Constantin once again made waves with the introduction of Les Cabinotiers - The Berkley Grand Complication, touted as the world's most intricate timepiece, boasting 63 horological complications. A testament to Vacheron Constantin’s mastery, the Berkley Grand Complication features a traditional Chinese calendar in the form of a perpetual calendar, serving as an homage to Chinese culture and highlighting the Maison's unwavering dedication, ingenuity, and cultural understanding. Chinese consumers emerge as new tastemakers According to IWC CEO Christoph Grainger-Herr, China is not only one of the most important markets in terms of spending power but also a source of creativity and inspiration. As Grainger-Herr tells Jing Daily at Watches and Wonders Geneva, “What I truly appreciate is not just the growth potential in China, but also the fact that from a tastemaking creativity perspective, I see an increasing influence stemming from China.” He adds, “Time and time again, I am blown away by the minds in China and the level of poetry, creativity, and intelligence that we experience.” In recent years, global luxury brands have adopted a localized approach in response to the increasingly eclectic tastes and preferences of Chinese consumers. In March, Loewe launched its first-ever exhibition in Shanghai, Crafted World, to showcase its brand legacy and craftsmanship. The exhibition, tapping into Chinese consumer’s growing interest in connecting with heritage and roots, received rave reviews. “Having another major tastemaking hub offers the potential for us to become even more of an international watch company,” Grainger-Herr says. “And as we respond to trends from other major creative centers in the world, incorporating the [unique perspective from China] adds dimensions to us as well.” Chinese talent goes global In Geneva, Vacheron Constantin debuted a groundbreaking concept watch, Égérie, designed in collaboration with Parisian couture designer Yiqing Yin. Originally from China, Yin achieved the distinction of becoming the first China-born haute couture designer in 2015. The Égérie watch, hailed as a pioneering fragrance-centric timepiece, features a unique scent crafted by master perfumer Dominique Ropion that is encased within the embroidered strap and released with each movement of the wrist. In late March, Tudor announced a partnership with David Beckham’s FC Inter Miami with the launch of a special Black Bay Chrono Pink Dial. Originally created as a custom order in collaboration with Tudor’s brand ambassador, Taiwanese superstar Jay Chou, this new version of the Black Bay Chrono has become one of the most-discussed new releases among watch collecting circles. Chinese watchmakers hope for a breakthrough According to Statista, China exported 540.5 million watches worldwide in 2022, representing an increase of over $110 million compared to the previous year. Despite these large export numbers, China has not yet been recognized as a serious manufacturer of luxury watches. When Robin Tallendier, co-founder of independent watch brand Atelier Wen, started his journey of watch collecting at the age of 14, the only watches he could afford were vintage pieces from China. This led him to build one of the largest Chinese watch collections in the West and to gain inside knowledge of the Chinese watch industry. “I was able to witness their passion for their art, which was profoundly moving,” says Tallendier. “I tried to share the experience with local collectors back in Europe, but it found little resonance and instead received stereotypical comments. I therefore decided to create a watch brand that would enable me to change those perceptions while celebrating Chinese culture and craftsmanship across the world.” In 2022, Atelier Wen partnered with the Hong Kong-based watch platform Wristcheck to launch a special edition of its popular Perception model. The entire collection sold out within minutes. During this year’s Watches and Wonders, Atelier Wen invited the only Chinese guilloche master, Yucai Cheng, to Geneva to showcase his craftsmanship. Master Cheng even custom-designed a rose engine for the showcase at the Beau Rivage hotel. The rise of independent watch brands is helping to change perceptions of Chinese watchmaking. Studio Underdog, an independent watch brand from the United Kingdom that has amassed a huge following among watch enthusiasts, used Chinese manufacturer Seagull’s ST-1901 manual chronograph movement for its massively popular inaugural collection. Flexibility is another key factor behind the growing demand for Chinese-made watches. When Atelier Wen began working with Dandong-based watch manufacturer Peacock Watch in 2018, they agreed to heavy customization for an order volume as low as 500 pieces. “Most Swiss suppliers would have required at least thousands of units ordered to carry out the same modifications we wanted,” says Tellender of Atelier Wen. “Being able to quickly develop diverse and customized movement ranges and to provide those at both reasonable cost and quality, Chinese movement makers are filling a gap left unaddressed by Swiss and Japanese movement makers.”

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China’s influence on watch market grows despite softening industry outlook