Swiss watch exports continued to decline in October, hit hard by weakening demand in key markets like China and Hong Kong. The Federation of the Swiss Watch Industry reported a 2.2% year-on-year drop, bringing total shipments to CHF 2.34 billion ($2.65 billion) for the month.
China and Hong Kong Struggles
China saw a sharp decline in imports, plummeting 39% to CHF 167.4 million ($189.5 million), while Hong Kong dropped 15% to CHF 161.9 million ($183.3 million). Both markets are traditionally significant for Swiss watches, amplifying the global impact of these declines.
Bright Spots in Other Markets
Despite challenges in Asia, demand in other regions surged:
- United States: Up 11% to CHF 421.9 million ($477.6 million).
- Japan: Up 20% to CHF 190.6 million ($215.8 million).
Mixed Performance by Price Category
The decline wasn’t uniform across all price points:
- Watches priced below CHF 200 ($226) fell 13%.
- Mid-range watches between CHF 200 and CHF 500 ($566) dropped 10%.
- Timepieces priced from CHF 500 to CHF 3,000 ($3,394) took the hardest hit, falling 21%.
- High-end watches priced over CHF 3,000 saw a slight 1.7% growth, remaining the sole bright spot.
As Swiss watchmakers grapple with shifting global demand, the industry faces growing uncertainty about its future trajectory.