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Swiss Watch Exports Drop Sharply in September

October 21, 2024  |  Marni Davimes Weinbaum
Luxury Swiss watches on display image

Swiss watch exports saw their steepest decline of the year in September as waning demand in China and Hong Kong outweighed modest gains in the US and Japan.  

Total outbound shipments fell 12% year on year to CHF 2.05 billion ($2.37 billion), the Federation of the Swiss Watch Industry reported this week. 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). The top two destinations for Swiss watches both grew slightly, with the US advancing 2.4% to CHF 353 million ($408 million) and 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%.

Image: A display of Swiss watches. (Shutterstock)

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