Swiss watch exports drop in February and March
As predicted by CPP even as early as December 2008, luxury watches have continued to be one of the most affected sector of the worldwide luxury industry. Swiss Federation confirmed last week a drop of 26% in exports of Swiss watches. World number 1 luxury group LVMH reported last week a fall in sales of up to 41% for its luxury watches division.
We estimate sales of luxury watches have dropped on average by 10% in January and February in Bulgaria, Romania and Serbia, while Hungary and Czech Republic have posted drops of up to 15%. The ebbing trend remains for the rest of 2009 in the entire region, especiallty for top luxury brands.