By  on April 25, 2013

SHANGHAI — China’s luxury watch market has slowed on the back of the government’s austerity campaign here, though industry insiders remain optimistic about future growth.

Though exact figures are difficult to pin down, it’s believed that between 40 and 75 percent of luxury watch purchases in China are bought as presents, a manifestation of the ancient custom of guanxi, in which one gives gifts to maintain a network of business and personal contacts.

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