September 2, 2016
Swiss watch exports have taken a battering in Hong Kong and mainland China since the government cracked down on gift-giving in a drive to reduce corruption.
New research from UBS shows that the luxury industry has come a long way from the time where it enjoyed double-digit annual growth figures. It has since been hit hard by China’s anti-corruption crackdown — which has focused on gift-giving among important officials — as well as a variety of other factors, including the rise of wearable technology.