Swiss Watch Exports Are Declining Following an Industry-Wide Boom
Sales are down globally by 16%.
After more than two years of growth, Swiss Watch exports are declining. According to a report from the Federation of the Swiss Watch Industry, exports experienced a sharp decline in March, falling 16% compared to March 2023.
In terms of dollar value, the decline represented a loss of $2.194 billion USD (₣2 billion CHF). The Federation said that “China and Hong Kong accounted for a particularly high proportion” of the trend.
Although China is the second largest market for Swiss watch exports, sales dropped by 42% since last year. The drop saw export rates fall to their lowest since before the pandemic, though the industry experienced a boom in 2021, according to Business of Fashion.
Other countries also slowed down on their purchasing habits, including Singapore, the UK, Germany and France, whose exports all fell by more than 10%
The US, Japan and the United Arab Emirates also bought fewer watches, though their sales didn’t fall by nearly as much as China, with the US only dropping by 6.5%.
