In a statement released Tuesday, Swatch Group expressed optimism about the Chinese market's recovery from the COVID-19 fallout and the return of Chinese tourists abroad. Its eponymous mass-market plastic watches have already outperformed January 2022's sales levels in China, the manufacturer of luxury Omega, Tissot, and Longines timepieces said. New have been reported also at Twitter.
All regions and segments will experience strong sales growth in 2023 regards to the world's largest watchmaker, noting that consumption had quickly recovered in Hong Kong and Macau as well as China following the end of pandemic restrictions. [1]
The lifting of travel restrictions in China will also boost sales in tourist destinations. Sales growth in January in China reinforces the Group's expectations for a record year in 2023. [2] Due to the government's strict zero-COVID policy, cities were shuttered, while Chinese tourists stayed at home instead of buying luxury goods abroad. Swatch reported 761 million Swiss francs ($700 million) in sales in China, despite targeting double digit growth for 2022. A year earlier, sales were 7.499 billion Swiss francs, but in constant currency terms they were 7.499 billion Swiss francs.
[1,2] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing of future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.
