繁體中文
Data Reviews
Analysis of Export Market Dynamics by the Swiss Watch Industry Federation (FH) in September 2024.
Oct
August Watch Market Review
Click here for the August analysis
- The export data for August 2024 shows a slight rebound, with a 6.9% increase compared to the same period last year. This brings the total for the first eight months to 17.1 billion Swiss francs.
- The growth in August is mainly attributed to precious metal watches, which saw a value increase of 21.2%
- Exports to the Chinese and Hong Kong markets continue to decline, 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.
September Watch Market Overview
The performance of the Swiss watch industry in September 2024 demonstrates both market vitality and challenges. Despite facing economic fluctuations, the overall export value reached 2.1 billion francs, representing a 2.7% increase compared to 2023. This indicates stable demand in the high-end watch market.
According to product category data, the export volume of watches shows a stable growth trend. Particularly in the high-end market for products priced over 3,000 francs, this category remains favored by consumers and holds a significant market share.
In terms of materials, the growth rate for precious metal watches reached 23.5%, indicating consumer preference for luxury products. Although the performance of steel watches has slightly declined, they still maintain a stable market share, reflecting the demand across different consumer tiers.
Significant Changes in Demand in the Top 5 Global Watch Markets
Among the major markets, the United States remains in the lead, with export growth reaching 2.4%. The Japanese market also saw a slight increase of 2.0%, while the UK market recorded a growth of 10.7%, reaching 150.5 million francs, making it the third-largest market after the US and Japan, despite its export value decreasing by 10.7% compared to last year.
Meanwhile, exports to China plummeted by 49.7%, dropping to 128.8 million francs, and exports to Hong Kong also declined by 34.6%, reflecting weakness in the Asian market.
Conclusion
Despite facing market challenges, the performance of the Swiss watch industry in September shows resilient market potential. As the global economy gradually recovers, more growth opportunities are expected in the coming months, particularly in the Asian market, although some performances in Hong Kong and mainland China have not met expectations. With the continued increase in market demand, future developments are promising.
Source: Swiss watchmaking in Sep 2024
