Exports reached roughly $2.3 billion last month due to deep-pocketed watch enthusiasts.
Exports Stateside also increased 13.5 percent from the year prior. The US remains the biggest market for Swiss timepieces after overtaking China last year. China is the second strongest market, followed by Hong Kong, Singapore and Japan. Most major markets in Asia and Europe increased by double-digit percentages.The eight-year high can be attributed to an influx of deep-pocketed shoppers.
According to the FHS, high-end timepieces were a key growth driver. Exports in this category—that is, watches priced over $500—accounted for more than a third of volumes and 95 percent of value. Conversely, exports of watches priced between roughly $200 and $500 plummeted 29.2 percent in value. This downward trajectory began in early 2020.WATCH
Solca added that any drop in demand would be noticed first in shops and boutiques as Swiss watches are predominately sold through wholesale channels and there is a lag between orders and deliveries.Many horological heavyweights have already been forced to implement waitlists as demand for high-end timepieces
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