Sales by Swiss watchmakers retracted in all its main markets during the eleventh month of the year, with the notable exception of the United States, their top export destination.
Despite the approach of Christmas, Swiss watch exports continued to shrink in November. According to the Swiss Watch Federation, they fell by 3.8% in value terms, following a 2.2% decline in October and a 12.4% drop in September!
While the sector saw only three months of growth in 2024, in January, July and August, the cumulative decline since the beginning of the year is -2.7%, to 23.9 billion Swiss francs.
In November, as the Chinese market continued its descent into hell, other formerly resilient destinations also turned around.
China and Hong Kong: the descent into hell continues
Geographically speaking, Hong Kong and China continue to dramatically ignore Swiss timepieces. The former British colony, the third-largest market for Swiss watchmakers, fell by 18.8% to 170.4 million euros, while China, the fifth-largest market for Swiss watches, plummeted by 27% to 151.5 million euros.
Discover our plans Subscribe for 1€ Become an active member of the community of luxury leaders.
To continue reading this article, subscribe or log in to your account
Read also > Swiss watch exports down again in October
Featured Photo: © Rolex
