Exports of Swiss timepieces saw a decline of 2.8% to approximately 2.3 billion Swiss francs in October, largely influenced by a staggering 39% drop in imports from China. This is indicative of the challenging market that Swiss watch brands face as demand diminishes post-pandemic in regions like mainland China and Hong Kong.
While overall Swiss watch exports have decreased, there is notable growth in the US and Japan, where shipments increased by 11% and 20%, respectively. This contrasting trend highlights the varying consumer preferences and economic conditions across different regions, with US retailers also benefiting from a weaker yen.
The high-end segment of the market, specifically watches priced above 3,000 francs, remains robust, recording a 1.7% increase in value. In contrast, more affordable watches, priced between 500 and 3,000 francs, experienced a sharp decline of 21%. This divergence suggests that affluent consumers continue to invest in luxury, while others are pulling back.
Swiss watch industry exports are projected to decline in 2024, marking the first significant drop post-pandemic after three years of record-breaking sales. In response, many manufacturers are reducing production and utilizing furlough schemes in an effort to preserve their workforce amidst declining sales.
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