“Two or three years ago, shoppers would come to Hong Kong for the well-known brands like Patek Philippe, Vacheron Constantin, Rolex,” Mr Choi says.
“Now they are far more knowledgeable, far more sophisticated, thanks to better and better information on the internet and in magazines. The younger generations are more interested in mechanisms, not just sports watches. They want to buy a more connoisseur brand ... like Lange & Söhne.”
But while the Hong Kong market for Swiss watches is growing, the growth itself fell from more than 30 per cent in 2001 to 6.8 per cent last year.
The mainland Chinese market, in third place after the US, recorded an even more spectacular fall from an increase of 50 per cent to virtually zero growth at the end of 2012.
According to Ms Tsang back at the HKTDC, this reflects a dramatic cooling of consumer demand in China, due in particular to the new Chinese government.
“As well as the tradition for buying gold when children are born – it’s a symbol of health and good fortune – luxury goods have, thus far, mainly been bought as gifts for their boss or business partners,” she says.
“However, the gifting culture is beginning to decline. China’s new Communist party chief has started a 10-year plan to confront bribery. In other words, the culture of big dinners is turning to leftovers.”
