Swiss watch exports continued their decline in November 2024, reflecting ongoing economic challenges in key markets, according to the Federation of the Swiss Watch Industry. Total shipments dropped 3.8% to CHF 2.41 billion ($2.68 billion), extending a downward trend that has seen year-to-date exports fall 2.7% to CHF 23.94 billion ($26.67 billion).
A Mixed Market Performance
While the US market showed resilience with a 4.7% rise in exports to CHF 420.8 million ($469.4 million), other major markets struggled:
- Japan: Maintained its position as the second-largest market, despite a 2.5% decrease to CHF 171.7 million ($191.5 million).
- China: Shipments plunged 27% to CHF 151.5 million ($169 million).
- Hong Kong: Fell 19% to CHF 170.4 million ($190.1 million).
The federation noted:
“The US was the only one of the top 10 markets to post an increase. The poor results achieved in Hong Kong and China continued to weigh heavily on the global trend.”
Resilience in High-End Watches
Timepieces priced above CHF 3,000 ($3,347) demonstrated the most resilience, dipping just 0.9%, while other segments saw sharper declines:
- CHF 200 ($223) to CHF 500 ($558): Down 8%.
- Below CHF 200 ($223): Fell 4.9%.
- CHF 500 to CHF 3,000 ($3,347): Suffered the steepest drop, down 15%.
What Lies Ahead?
With Asia’s economic uncertainties persisting and luxury spending slowing, Swiss watchmakers face a challenging landscape. However, the strong US performance offers hope for stabilizing global sales as the industry adapts to shifting market dynamics.