Data Reviews

Swiss Watch Industry Federation (FH) Export Market Dynamics Analysis for August 2024

瑞士鐘錶工業聯合會
25
Sep

Market Review for July

Click here for July Analysis

  • The US and Japanese markets performed strongly, growing by 11.3% and 25.6% respectively, indicating strong demand for luxury watches in these markets.
  • Brands like Rolex should strengthen their advantages in the precious metal watch sector and consider how to attract consumers in the Asian market.
  • Swiss watch exports in July 2024 showed stability, but with a slight growth trend.
  • Changes in the luxury watch market present challenges and opportunities for brands, which need to respond flexibly to consumer demand.

Market Overview for August

Swiss watch export data for August 2024 showed a slight rebound, with a growth of 6.9% compared to the same period last year. Although this brought the total for the first eight months to 17.1 billion Swiss francs, the overall trend remains negative, with a poor annual outlook.

The growth in August was mainly attributed to precious metal watches, which saw a value increase of 21.2%. However, the export volume of steel watches decreased by 7.0%. Overall, the export volumes of all major materials declined by about 10%, leading to a total decrease of 9.5%.

The US market is the main driver of growth, with a growth rate of 7.6%. Japan (+14.4%) and Singapore (+9.3%) also performed well. However, exports to the Chinese and Hong Kong markets are still declining, with decreases of 5.9% and 11.1% respectively.

Watches valued over 3,000 Swiss francs saw a 14.9% increase in export value in August, becoming the main driver of growth. In contrast, watches valued below this level showed a downward trend in both value and quantity.

FH
Market Insights

From the Swiss watch export data, despite the rebound in exports in August 2024, the annual outlook remains pessimistic. The growth in August was mainly driven by the increase in value of precious metal watches, while the quantity and value of steel watches both declined. Major markets such as the US, Japan, and Singapore saw export growth, but the Chinese and Hong Kong markets continue to decline.

Conclusion

Despite significant growth in August, the overall annual outlook remains bleak. Companies express concerns about the uncertainty in the mid-term market, prompting them to adopt more cautious strategies. In the coming months, negative expectations in the Chinese and Hong Kong markets may continue to affect overall export performance.

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