Bribes and gifts to China’s officials account for 50% of luxury watch sales
WHO buys those luxury goods in China. No, not the knock off tut. The real deals. Osnos at the New Yorker spots a link:
[T]he luxury watch business enjoyed a banner year in 2011, growing forty per cent. But then China’s anti-corruption campaign began, and by September, Bo Xilai was in handcuffs, and watch exports to China suffered a devastating blow—down 27.5 per cent compared to a year earlier, according to the Federation of the Swiss Watch Industry. ChinaDaily quoted an industry consultant saying the anti-corruption drive “hurts the luxury watch business a lot.”
It’s not just watches. In 2009, the industry experts estimated that gifts to government officials made up nearly fifty per cent of all of China’s luxury sales.