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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.

He knows the time is up…

Posted: 12th, February 2013 | In: Politicians, The Consumer | Comment