Swiss Watch Sales Increase 14% in June as Demand Remains Strong
The Swiss watch industry had a very, very good June.
Exports of the nation’s fine timepieces continued to grow last month, with the sector posting a 14 percent year-over-year gain, according to Women’s Wear Daily‘s report on the most recent figures from the Federation of the Swiss Watch Industry. Total sales reached CHF13.3 billion (about $15.4 billion), surpassing the 11.8 percent of the same period of the prior year.
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All watch materials experienced an increase in June, with precious metals contributing the lion’s share of the value at CHF858.1 million ($995 billion), which was a 14 percent gain for the market, WWD reported. In second place were gold-steel watches, which experienced an 18 percent increase to CHF372.1 million ($432 billion), though the segment saw a 38.8 percent drop in units sold. All timepiece price ranges reported positive news, but the CHF200 to CHF500 price range (around $232 to $580) saw the best results, with an increase in sales of 18.7 percent and reflecting a recovery during the first half.
Region-specific numbers were a mixed bag. Hong Kong saw sales escalate to 46.2 percent, a noteworthy return to levels near those it experienced in 2017. The United States—the biggest market for Swiss watches—registered a slight slowdown at 8.8 percent. China, the second biggest market, rose 9 percent. In the Far East, sales in Singapore and Japan registered numbers slightly below the global average, with growths of 12.7 percent and 10.1 percent respectively, WWD reported.
In Europe, sales were overall up 12.6 percent, though a breakdown by country shows how that growth varied. Sales in the U.K. gained 5.6 percent, a figure smaller than in other important markets in the continent. For instance, France posted a 13.9 percent increase, Italy witnessed a 32.4 percent gain, and Germany saw a 17.4 percent jump.
The success of the market shows the continued demand for high-price timepieces from brands like Rolex, Omega, Patek Philippe, and Vacheron Constantin, Bloomberg reported. The sales defied concerns that the volatile economy and increased prices might stymie customer interest.
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