US, China Drive Swiss Watch Sales in August
September 20, 2022
RAPAPORT... Exports of Swiss watches rose 15% year on year in August amid increased demand in key markets including the US and China.
Total global shipments for the month came to CHF 1.74 billion ($1.8 billion), the Federation of the Swiss Watch Industry reported Tuesday.
Supply to the US, the sector’s largest market, grew 23% to CHF 261.8 million ($271 million), while orders to China climbed 15% to CHF 261.6 million ($270.8 million). Japan has seen a steady rebound, surpassing Hong Kong as the third-largest market. Exports to the country jumped 48% to CHF 115.2 million ($119.2 million).
“Swiss watch exports accelerated strongly in August,” the federation noted. “The United States, China and Japan recorded particularly strong growth and between them, accounted for half the increase worldwide.”
Shipments to Hong Kong slipped 8% to CHF 113.3 million ($117.2 million). Meanwhile, European markets were up 11% on average.
Watches priced under CHF 200 ($207) proved to be in highest demand, growing 44%. Supply of timepieces costing more than CHF 3,000 ($3,104) jumped 20%. Those priced between CHF 200 and CHF 500 ($517) slid 26%.
In the first eight months of the year, Swiss watch exports went up 12% to CHF 15.87 billion ($16.42 billion).
Image: A Swiss-watch display. (Shutterstock)
Article originally published on Diamonds.net here