Sharp drop in luxury watch sales in Asia
For the first time in 3 years, Swiss watch exports fell in September, amid sharp drop in demand in Asia. Sales of luxury watches in China fell 27,5 percent, while sales in Hong Kong fell 19,9%, with similar drops in Taiwan and Singapore. At US$ 1,9 billion, the total Swiss watch exports dropped 2,7 percent compared to the same period last year.
According to Fondation Haute Horologerie, this poor performance, while rather sudden, follows more than 30 months of steady increase and is not therefore cause for concern. It confirms the expected slowdown in growth and aligns the industry with its general progression towards the projected annual target, which will remain well above the level attained in 2011. The variation for the first nine months of the year indicates +13.6%.
The United States also registered a downturn, albeit less marked. In contrast, Europe continued to bounce back. While France increased by only a few points, Italy and Germany recorded significant upturns. Other growth regions included Japan (+6.9%) and the Middle East (+31.8%).