In September, Swiss watch exports saw their steepest decline year to date.
Total outbound shipments fell 12% year on year to CHF 2.05 billion ($2.37 billion), the Federation of the Swiss Watch Industry reported. For the first nine months, supply decreased 2.7% to CHF 19.18 billion ($22.16 billion).
“Most markets recorded a significant fall in September, although a few continued to grow,” the federation noted. “Among the most significant drops, the United Kingdom, Hong Kong, China and Singapore alone accounted for more than 80% of the global decline.”
Exports to China — the fifth-largest market for the month — plummeted 50% to CHF 128.8 million ($148.8 million), while Hong Kong recorded a 34% drop to CHF 128.9 million ($149 million).
Sales of Swiss watches increased slightly in the United States - by 2.4%, to CHF 353 million ($408 million), and in Japan inching up 2% to CHF 173 million ($200 million). The UK, the third-strongest market, saw an 11% fall to CHF 150.5 million ($174 million).
Supply declined across all price segments. Watches worth less than CHF 200 ($231) tumbled 21% by value, while those in the CHF 200 to CHF 500 ($578) range also went down 21%. Those that cost CHF 500 to 3,000 ($3,468) range dropped 33%, while those valued at over CHF 3,000 fared slightly better, contracting 7%.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
