In February, shipments to the US, the biggest single market for Swiss timepieces, dropped by almost 7% in value. Exports to Japan, which showed strong growth in 2024 amid a tourism boom and a weak Japanese yen, skidded 19% lower. Demand for watches from mainland China and Hong Kong, the main drivers of the slowdown in the industry, remained tepid, falling by 25% and 12%, respectively.
Only watches with wholesale prices of less than 200 Swiss francs, including the Swatch brand’s Omega MoonSwatch collection, which showed growth during the month. Exports of watches with wholesale prices above 3,000 francs fell 7% by value and 16% by number of units. Watches with wholesale prices between 500 and 3,000 francs performed even worse, dropping 15% by value.
