There may be fewer watches exchanged in Hong Kong during this year s holiday season.
According to a report on China s luxury market, conducted by public-relations firm Ruder Finn and polling company Ipsos China, more than half of Hong Kong residents plan to spend less on watches in the coming months, and to a lesser degree other luxury goods like wine, apparel, shoes and cosmetics.
That s in contrast with some survey data, released earlier this summer as part of the same report, from their mainland-Chinese counterparts. More than 40% said they d spend more on wine, shoes and cosmetics, though they too indicated pullbacks in watches and jewelry.
The report surveyed 2,017 consumers in June in Greater China who had purchased luxury items in the past 12 months. The average annual household income among Hong Kong respondents was 550,000 Hong Kong dollars while those who were surveyed in China s largest cities earned 180,000 yuan .
Another finding: Hong Kongers indulge as a means of self-reward, while mainland-Chinese buyers looked for items to reflect taste and build confidence. Mainland consumers were also more likely to buy luxury items as gifts, though given the government s recent crackdowns on the practice, that could also change.