After a brief summer respite, Switzerland watches fell sharply in September. The monthly decline (-12.4%) was a record for the year, with exports amounting to CHF 2.05 billion. China and Hong Kong, China, saw significant declines, accounting for two-thirds of the overall decline. In the first nine months of this year, the value of exports in the sector fell by 2.7% compared to the same period in 2023.
Both in terms of export value (-19.0%) and volume (-21.1%), the downward trend in stainless steel watches seriously affected the overall results. Exports of precious metal watches also fell by 9.1%, while gold watches (-2.3%) performed slightly better. In terms of export volumes, watches made of other materials (-19.3%) and watches of other metals (-25.2%) accounted for one-third of the overall decline.
All price segments showed a downward trend, but the differences in the declines were significant. Exports of watches with an export price of less than 200 Swiss francs decreased by 20.8 per cent, those with an export price of between 200 and 500 Swiss francs decreased by 20.8 per cent, and those with an export price of between 500 and 3,000 Swiss francs decreased by 33.0 per cent. At the same time, the value of watches with an export price of more than CHF 3,000 decreased by 7.3% compared to the same period last year.
In September, most markets fell sharply, but a few continued to grow. Among the markets with the largest declines, the United Kingdom (-10.7%), Hong Kong (-34.6%), China (-49.7%) and Singapore (13.9%) accounted for more than 80% of the global decline. Korea (-19.8%), Taiwan (-29.8%) and Thailand (-34.6%) also saw significant contractions. As a result, Asia (-22.6%) posted its worst monthly performance so far this year. Europe (-3.4%) was less worrisome, thanks to Germany (+5.7%) and Spain (+5.3%). United States (+2.4%) continued to grow, once again consolidating its position as the main market for Switzerland watchmaking. (Photo/text: Xu Chaoyang, the home of watches)