Global consumer demand for luxury watches grew just 3.3 per cent last year – but in China it soared 36 per cent.

Brazil (29.4 per cent), Russia (28.5 per cent) and India (19.7 per cent) also showed growing interest in expensive timepieces – but at nowhere near the rate of China.

Ahead of the US for the second year in a row, China’s appetite for high-end watches grew despite the retail slowdown. The largest brands – Rolex, Cartier and Omega – grew the fastest, notably due to higher exposure from inner-China regions where the fastest growth rates were observed.

“Despite a reported slowdown in the region often attributed to the reluctance towards government gifting, we can’t realistically forecast a significant market decrease in the mid-term as the fast growing middle-class, quick wealth creation from tier two and three cities, as well as increasingly important travel spending are strong drivers that are here to stay,” said Digital Luxury Group’s GM for China, Pablo Mauron.

Strong performances from Omega, Longines and Rado in rapidly growing BRIC markets substantially contributed to Swatch Group performance figures. Conversely, LVMH and Kering ( formerly PPR) watch brands analysed in the report posted average declines of 4.4 per cent and 10.6 per cent, respectively. Richemont Group remains close to the global positive trend (2.1 per cent).