Swiss watch exports tumbled 16.1 percent year-on-year, with all major markets price segment affected, as China sinks below March 2020 levels.
On the heels of a busy edition of the Watches and Wonders convention, the Swiss watch industry woke up to a bad hangover with its March export figures on Thursday.
By volume, wristwatch exports in March were down 25.4 percent. This translated into almost 400,000 fewer watches leaving the country compared to March 2023, with all price segments affected by the decline.and Hong Kong – which slipped into the third and fourth markets by size for Swiss timepieces, respectively – were the largest contributors to the month’s contraction with their 41.5 percent and 44.2 percent tumble, most markets showed lackluster results in March.
Less affected than most were the U.S., still the top export destination for Swiss watches with a 17 percent market share, and Japan, which edged into second place for the first time. Other top markets, such as Singapore, the U.K., Germany and France,market by size, was among the few territories that showed growth in March, with a 9.2 percent bump in exports heading to the country.
In its research note, Citi also noted that “with the high-end consumer relatively more resilient, we expect ongoing outperformance from the upper-end watch segment.” AsThe mid-market segment of Swiss watches was most affected, with a decrease of 38.2 percent by export value and 41.6 percent in the number of units, supporting analyst predictions of tepid spending by aspirational consumers.
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