China is hungry for watches, but not the ones you expect

Spending on watches in China is down, steering the whole industry into choppy waters.

For years, China has been the luxury watch world’s golden goose. The big Swiss maisons practically engraved “Made for Mainland” on their sapphire casebacks. blingy, status-heavy timepieces flew off shelves. If it sparkled, had a moonphase, and could be spotted from across a room, it sold.

But just like low-rise jeans and flash mobs, things change and the state of the watch industry in 2025 has left brands unable to rely on China for a large portion of revenue as they once could. The Federation of the Swiss Watch industry reports that, in 2024, “China (-25.8%) saw a stronger contraction than during the Covid pandemic.” A report from publication, Luxury Tribune, reported that Swiss watch suppliers are reporting order reductions of up to 50%. The catalyst for this slowing demand is being awarded to China.

So, what changed?

A cocktail of economic factors, shifting tastes, and (whisper it) anti-corruption crackdowns made overt displays of wealth a little… complicated. Combine that with a growing generation of savvy, style-conscious consumers who want meaning over marketing, and suddenly, the old formulas don’t tick quite the same way.

This is also why we’re seeing a rise in auction house presence in the APAC region. Sharon Chan, director of watches at auction house Bonhams said that 10 years ago most Hong Kongese clientele were between 40 and 60 years old. Today, that age looks more like buyers in their late 20s to 50s showing a huge shift in what young people want to buy.

Horology has become less about “look what I’ve got” and more about “let me tell you why this is interesting.” Of course, the appetite is still there. China remains a major player in global watch sales, and brands are watching the market closely (pun fully intended). But the playbook has changed. Flash is out. Substance is in. And luxury, it turns out, is a lot more interesting when you have to look twice to notice it.

So no, China isn’t losing its taste for watches. It’s just developing a more refined palate. Think less dessert buffet, more omakase.

And if that’s not growth, we don’t know what is.