ZURICH : Swatch Group shares hit their highest level in nearly two-and-a-half years on Tuesday after the world's biggest watchmaker said it expected a recovery in luxury demand from China.
"Group Management anticipates strong sales growth in 2023 in all regions and segments," Swatch said, noting that consumption had quickly recovered in Hong Kong and Macau as well as China after pandemic restrictions were lifted. The focus of the sector is shifting back to China, with hopes that its high-end spenders will once again splash out on designer goods.
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