China’s Watch and Jewelry Sector Surges in Q2 Despite Economic Challenges: Insights from The Mercury Project

2023-08-09 02:22:15

Published on August 09, 2023 at 04:22. Modified on August 09, 2023 at 06:24.

China’s recovery in the watch and jewelry sector from last year’s far-reaching pandemic shutdowns accelerated in the second quarter, despite some signs of slowing in June. In any case, this is what the report of The Mercury Project, a consulting firm specializing in the retail sector of watches and jewelry, suggests. The latter increased by 20.3% in the second quarter.

The good health of these luxury sectors contrasts with the economic difficulties facing the country and the recovery that is still awaited. All watch and jewelry companies operating in China reported strong consolidated retail sales in their latest financial results. “However, these results must be tempered by a possible slowdown in the 3rd quarter, warns Thierry Huron, founder of The Mercury Project. Indeed, June sales rose only 7.8%, a slowdown from the 24.4% rise recorded the previous month, and several cities and provinces saw a moderation in sales. Meanwhile, and despite the good short-term performance, Chinese retailers maintain a mixed attitude.”

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