The watch manufacturer Swatch expects a significant increase in demand

Swiss watch manufacturer Swatch expects a significant increase in interest in jewelry and luxury watches this year. It is based on the fact that the same development was recorded in the company in China and other Asian countries after the health situation there normalized. "People want to make up for the bad times of the crisis, they want to shop," said Swatch chief Nick Hayek. "We are seeing this in mainland China, Macau, Thailand, South Korea and Taiwan. The only thing that currently limits us to develop our sales capabilities to pre-2020 levels is the restriction on tourism," Hayek added. The head of the company is therefore less optimistic about the development of the European market, where, according to him, the situation from last year is repeated. He added that Europe has not yet learned how to cope with the new coronavirus pandemic. In January, Swatch Group announced last year's results, which were significantly affected by the corona crisis. The company said at the time that it had recorded a loss of 53 million Swiss francs (47.98 million euros) last year, the first loss in decades. According to the Swiss Federation of Watch Manufacturers, the export situation stabilized in February after falling by 22% in 2020. According to her, exports to China and the USA increased in particular.