Despite the complex macroeconomic environment, luxury consumption has remained remarkably stable due to consumers’ strong desire for exceptional living experiences.

This year, total Swiss watch exports globally amounted to approximately CHF 17.1 billion, a 1.4% decrease compared to the same period last year.

Tax-free spending by Chinese Mainland consumers in Continental Europe increased by 25% year-on-year, while in the Asia-Pacific region, it grew by 49% year-on-year.

Italy’s exports to the Chinese Mainland and Hong Kong increased by 17.4% and 16.5%, respectively.

The provisional estimate of Hong Kong’s total retail sales value for June is HKD 29.9 billion.

In the first two months of 2024, the Chinese Mainland became the fourth largest export market for Italian menswear, with a remarkable export growth of 62.9%.

In April, Swiss watch exports rebounded, with only the Chinese Mainland market showing a decline among the top twelve markets, including South Korea and Spain.

2024 will be a decisive year for the travel retail market.

Despite a double-digit decline (-24.4%) compared to the same period in 2022, China continues to hold its position as Italy’s largest supplier.

Before the outbreak of the pandemic, Chinese travelers accounted for 4% of passengers at Dubai International Airport but contributed to 17% of the sales revenue in Dubai Duty Free.