Swiss watch exports jump again in May as US demand rebounds
SWISS watch exports jumped again in May as shipments to the US rebounded and demand for luxury timepieces from China stayed strong.
Shipments surged by 14 per cent in May to 2.3 billion Swiss francs (S$3.4 billion) in value, the Federation of the Swiss Watch Industry said on Tuesday (Jun 20). The increase underscores continued demand for pricey watches from brands including Rolex, Omega, Patek Philippe and Cartier despite concerns that shaky economic growth may damp consumer interest.
In first five months of the year, the key Swiss sector’s exports rose 11 per cent to 10.9 billion francs. Last year shipments reached a record.
Exports to the US, the biggest market for Swiss watches, increased by 9.8 per cent in May. That followed a decline in April, the first in more than two years.
Shipments to China, the second biggest market, more than doubled as the country’s retailers restocked after years of on-again, off-again lockdowns during the pandemic. Despite the increase, exports to China were 10 per cent lower compared with May 2021.
Exports to European markets rose 8.8 per cent, as France declined while Italy surged, the Federation said.
The only price category that declined was timepieces between 200 francs and 500 francs. Shipments of watches priced above 3,000 francs rose 15 per cent, while timepieces below 200 francs jumped 27 per cent, likely boosted by sales of Swatch Group’s Omega MoonSwatch. BLOOMBERG
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