Swiss watch sales saw a 3.5% increase in August, with the US and Hong Kong leading the resurgence, according to numbers provided by the Federation of the Swiss Watch Industry Exports and quoted by IDEX Online.
According to the federation, the growth “confirms the normalization of growth expected during the second half of the year”. July saw a robust 14% increase in exports, but June witnessed a 1% drop.
The most recent data reveals a year-on-year rise of 13.5% in the US, accounting for approximately one-sixth of global demand, and a 29% increase in Hong Kong. Meanwhile, China witnessed a sharp decline, with sales dropping by 27.3%.
Sales went up for watches falling in the lowest value category (with an export price under $220) and over $3,300, indicating that while average-income consumers may be scaling back their spending, the affluent continue to indulge. Sales for watches falling between these price points experienced a decline.
In its monthly update, the federation commented: “This downturn was due to a timid recovery of the market in a difficult economic climate, as well as an unfavorable base effect triggered by revenge buying as seen last summer following Shanghai’s long lockdown.”
