Even though Swiss watch exports increased last month, the outlook for the rest of 2024 is 'negative,' the Federation of the Swiss Watch Industry says.
This $7 Million Manhattan Condo Has a Massive Terrace Inspired by the High Line Park. Last month, shipments increased 6.9 percent by value compared to last year to 2 billion Swiss francs , the Federation of the Swiss Watch Industry said on Thursday. While that was more than the 1.6 percent riseYayoi Kusama’s Louis Vuitton Pumpkin Bag Just Sold for a Record $151,200 at Auction
“Despite the increase, which brings the total for the first eight months to 17.1 billion francs , the trend is still negative, as is the outlook for the rest of the year,” the report said. “Firms in the sector are lamenting the lack of visibility in the medium term, which is prompting them to be more cautious going forward or even, in some cases, cutting back.” The latest data showed that shipments to the U.S.
“The high end of the watch sector continues to do well,” Vontobel analyst Jean-Philippe Bertschy told Bloomberg. “For the other brands, 2024 represents a sharp reset and normalization of growth after the post-Covid boom.” In an effort curb the strength of the country’s currency, which is currently hurting exporters, the Federation, along with Swiss watchmakers, are turning to the central bank of Switzerland to help weaken the franc. By the end of last year, the franc hit its strongest level against the U.S. dollar since 2015.
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