Swiss Watch Shipments Fall in June Amid Weaker Demand in Asia
Swiss watch exports experienced a decline in June due to reduced demand in China and Hong Kong, two of the industry’s largest markets.
According to the Federation of the Swiss Watch Industry, watch shipments fell by 7% to CHF 2.27 billion ($2.56 billion) last month. This decrease follows a 2.2% drop in May, attributed to weakened consumer sentiment in Asia.
From January to June, five out of six months showed a decline in exports, with only April recording an increase.
“June was not a strong month for Swiss watch exports due to a significant downturn in Asian markets,” the federation said in a statement. “Hong Kong and China continued to struggle, which contributed to the lower average performance.”
Despite the overall decline, shipments to the US increased by 7% to CHF 376.2 million ($423.1 million). However, exports to China fell by 37% to CHF 162.8 million ($183.1 million), and shipments to Hong Kong dropped by 23% to CHF 165.9 million ($186.6 million). Conversely, Japan saw a 13% increase in watch exports to CHF 174.8 million ($196.6 million), surpassing both China and Hong Kong to become the second-largest market.
In terms of price segments, watches priced above CHF 3,000 ($3,373) decreased by 0.5%. Watches priced between CHF 3,000 and CHF 500 ($562) saw a 31% drop. Watches priced between CHF 200 ($225) and CHF 500 fell by 23%, and those under CHF 200 dropped by 6%.
For the first half of the year, Swiss watch exports fell by 3.3% to CHF 12.89 billion ($14.49 billion).
