Chinese no longer prefer Swiss watches - 2.3 billion francs fewer purchases in October. The US and Japan continue to grow
Swiss watch exports fell for a second month in a row in October, due to weak demand in China. "Exports fell 2.8% to around 2.3 billion Swiss francs," the Federation of the Swiss Watch Industry said in a statement.
The figures underscore the difficult environment for watchmakers from Rolex to Audemars Piguet and Swatch, as consumers in mainland China and Hong Kong cut back on expensive watch purchases following a post-pandemic boom.
Declines in China and Hong Kong are being offset by solid export growth in the US and Japan, the two biggest importers of Swiss watches. Shipments to the US rose 11% and to Japan 20%, as domestic retailers continued to benefit from a weak yen. Overall exports fell by 2.6% in the first ten months of the year compared to the same period a year ago.
Expensive watches with wholesale prices above 3,000 francs were the only category to show strength, rising 1.7% in value even as unit numbers fell 4%. Expensive watches have shown some resilience, while exports of more affordable models fall.
Swiss watch exports are on track to post an overall decline in 2024 for the first time since the pandemic disrupted annual sales in 2020. The industry recorded a boom for the next three years, with exports rising to records consecutive.
Swiss watchmakers have responded by scaling back production, with some firms using a government program to furlough workers and avoid permanent job cuts.
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