In 2024, Swatch experienced a severe decline in sales and profits, with a 12% drop in sales and a staggering 75% drop in operating profit. The luxury watchmaker attributed this downturn primarily to an ongoing challenging market situation in China, where sales fell approximately 30%. This trend reflects broader struggles across the luxury goods sector, as demand for high-end products diminished significantly. However, Swatch noted improved sales in markets like the US, Japan, India, and the Middle East, indicating areas of recovery amidst overall poor performance.
Swatch reported sales decline of 12% and profits drop of 75% in 2024, citing weak demand from Chinese consumers and overall market difficulties.
The decline was attributed to a persistently difficult market situation in China, where sales slumped 30%, alongside waning demand in Southeast Asian markets.
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