Swiss luxury watches, one of the most affected luxury industry sectors wordwide
Fédération suisse (FH) the official organization of luxury swiss watches producers has recently announced a decrease of exports in the first Q of 2009 of 26,4 %, with only the month of June with a decrease of 31,9%
Sales in U.S. dropped by 43.3 % while sales in Hong Kong dropped by 22 %. It seems the only market to post increases is South Korea with a + 40,1%. United Arab Emirates and Singapore have also registered drops of 30%. No particular type of watch escaped the sales drops.
CPP Management Consultants Ltd has estimated as early as March 2009 a sales drop of up to 25% in Central and Eastern Europe for the first quarter of 2009.