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

According to June data, Swiss watch exports reached 2.3 billion Swiss francs, a year-on-year decrease of 7.2%. This decline was mainly influenced by reduced demand in the Asian market, particularly poor performance in China and Hong Kong. Although the Japanese market showed growth, the overall market situation remains bleak.

In terms of product categories, steel watch exports fell by 15.5%, while precious metal watches performed relatively stable, increasing by 0.3%. This indicates a shift in consumer preference towards high-end products, which may prompt brands to adjust their design and marketing strategies.

Market Stabilization in July

Compared to June, July data shows a slight market recovery, with Swiss watch exports reaching 2.2 billion Swiss francs, a year-on-year increase of 1.6%. This growth is mainly attributed to increased demand for precious metal watches, which rose by 12.6%. However, steel watches still faced a decline of 10.4%.

Notably, despite ongoing challenges in the overall market, the performance in the U.S. and Japanese markets was strong, growing by 11.3% and 25.6%, respectively. This indicates that high-end watches still maintain strong demand in certain markets.

Insights from Market Trends

From the data changes between June and July, we can observe the dynamics of the high-end watch market. Despite facing challenges, signs of market recovery provide opportunities for brands. Brands like Rolex should leverage this trend to strengthen their advantages in the precious metal watch sector and consider how to attract consumers in the Asian market.

Additionally, brands should pay attention to changing consumer preferences and offer more products that align with market demand to enhance their competitiveness.

Conclusion

The export data for the Swiss watch industry in July 2024 shows a slight but significant growth trend. Changes in the high-end watch market present both challenges and opportunities for brands. As the market continues to evolve, brands need to respond flexibly and meet consumer demands. If you are interested in high-end brands like Rolex, feel free to visit our website to learn more about our exciting products.