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The Council of the Federation of the Swiss Watch Industry met on 26 November to review its main indicator today: export sales by price range. A decision that worries market players about the Council’s transparency.
The members of the board met last Thursday to discuss the revision of the content of the data disseminated.
Among other things, this would involve a potential deletion of data on exported sales by price range.
“Swatch Group has taken the initiative to put this topic on the table. A commission of the FH is examining a refresher and modernisation of the way in which watch statistics are presented.” said Bastien Buss, spokesman for the world’s leading watch manufacturer.
Established in the high-end segment for many years, the Swiss watch industry publishes every month all the data collected in value and volume, concerning sales by country, region, type of product, price ranges, and their evolution over the year.
This time, the Swiss watchmaking federation wishes to partially modify some of the data, in particular on export sales by price range, which it intends to suppress.
This decision is now worrying a large number of analysts, including Pierre-Yves Donzé, a historian and author of books on Swiss watchmaking, who has spoken out against the decision accusing the board of undermining the transparency of information, being one of the most important current issues and a vital health indicator for the market: “Clearly, the aim is to hide the reality.” he said.
Pierre-Yves Donzé’s opinion was joined by Olivier Müller, founder of LuxeConsult: “This transparency is indispensable. It allows us to observe and interpret the recent and historical trends that mark Swiss watchmaking. Export figures are one of the rare sources of information in an industry otherwise characterised by almost total opacity”.
The Swiss Watch Federation’s monthly press releases are the main source of information on the health of the sector, which is why this decision worries many market players who feel concerned by this change: “The statistics processed, disseminated and analysed by the FH are an essential indicator. Established by the Federal Customs Administration on the basis of declarations made by companies, they are the main official, regular and reliable source for monitoring the development of watch exports.” states the Federation’s latest annual report.
Export data by price ranges are crucial in the overall analysis of the sector, which is now in danger of disappearing.
Thanks to its figures, it has been possible to observe a 242% increase between 2000 and 2019 in sales volumes in the price range above 3,000 francs, and over the same period to note a 49% decline in the range of watches at less than 200 francs. Top-of-the-range watches now account for 69% of exports, compared with 34% in 2000.
Pending the final decision of the Board, the Swiss Watch Federation has decided not to express an opinion on the subject and has decided to postpone the file until 2021.
Read also > SWISS WATCHMAKING : THE MARKET MUST KNOW HOW TO COMBINE E-COMMERCE AND DIRECT SALES, ACCORDING TO DELOITTE
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The Council of the Federation of the Swiss Watch Industry met on 26 November to review its main indicator today: export sales by price range. A decision that worries market players about the Council’s transparency.
The members of the board met last Thursday to discuss the revision of the content of the data disseminated.
Among other things, this would involve a potential deletion of data on exported sales by price range.
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The Council of the Federation of the Swiss Watch Industry met on 26 November to review its main indicator today: export sales by price range. A decision that worries market players about the Council’s transparency.
The members of the board met last Thursday to discuss the revision of the content of the data disseminated.
Among other things, this would involve a potential deletion of data on exported sales by price range.
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