Swiss watch exports fell in October as ongoing challenges in the Chinese and Hong Kong markets, along with reduced demand for high-priced timepieces, weighed on the industry.
Shipments dropped 2.2% compared to the same month last year, totaling CHF 2.34 billion ($2.65 billion), the Federation of the Swiss Watch Industry announced on Tuesday. For the first 10 months of 2024, exports were down 2.6%, amounting to CHF 21.53 billion ($24.37 billion).
“China experienced further deterioration, and along with Hong Kong, posed a significant global obstacle,” the federation explained.
Exports to China plunged 39% year-on-year to CHF 167.4 million ($189.5 million), while shipments to Hong Kong fell 15% to CHF 161.9 million ($183.3 million). However, other key markets showed growth. Exports to the United States rose 11% to CHF 421.9 million ($477.6 million), and Japan saw a 20% increase, reaching CHF 190.6 million ($215.8 million).
Lower-priced watches struggled during the month. Timepieces priced under CHF 200 ($226) fell 13% in value, and those in the CHF 200 to CHF 500 ($566) range dropped 10%. Watches priced between CHF 500 and CHF 3,000 ($3,394) recorded the steepest decline, down 21%.
In contrast, high-end watches priced above CHF 3,000 were the only segment to show growth, rising 1.7% compared to October 2023.
These mixed results underscore the industry’s challenges in balancing demand across regions and price categories.
Related topics:
- $5M Cartier Diamond Necklace Smashes Pre-Sale Estimate at Christie’s Auction
- KP Members Need to Redefine Conflict Diamonds
- Lucara Reduces Diamond Revenue Outlook Amid Market Weakness
