Swiss Watch Exports Have Skyrocketed to the Highest Monthly Level in 7 Years

Rolex Cosmograph Daytona Ref. 116519  Swiss made dive watch LN in White GoldRolex
It’s no secret that the watch market has been booming, and now there’s even greater evidence.

In the wake of multimillion-dollar Geneva watch auctions held via Christie’s and Sotheby’s, respectively, the Federation of the Swiss Watch Industry (FHS) has announced that exports of luxurious timepieces are persevering with on an upward trajectory.

In the month of October, exports totaled an eye-popping CHF 2.1 billion (approximately $2.26 billion at modern trade), that is the best monthly parent in seven years. For context, that’s an increase of 12.Five percent yr-on-yr, as well as a four.8 percentage soar from October 2019.

According to the FHS, the boom became pushed in particular by way of call for for excessive-stop timepieces crafted from valuable metals. Exports on this category—this is, watches priced over $three,2 hundred—saw double-digit growth both in cost and the wide variety of objects exported.

Rolex Swiss Headquarters
Rolex Swiss Headquarters.
Courtesy of Rolex
At the alternative give up of the spectrum, exports of watches worth much less than $3,2 hundred fell sharply. As such, the entire amount of timepieces leaving the landlocked European us of a also dropped drastically. Some 1.6 million wristwatches have been exported from Switzerland this beyond October, which is a 17.4 percent lower in comparison with the equal month years in the past. While much less wrist sweet left the u . S . A ., the uptick in costly timepieces is what spurred this impressive $2 billion October.

The figures additionally showed that the burgeoning US market snapped up the majority of the timepieces. The usa claimed 14.5 percentage of Swiss exports for October, which equates to extra than $330 million worth of watches. The Chinese market skilled growth, too, nabbing a 12.6 percent percentage of the exports or roughly $289 million really worth of timepieces. The marketplace in Singapore also experienced double-digit growth, at the same time as exports to the UK, Germany, Italy, France and France all dropped via some percentage.

As for what has the enterprise ticking at this type of price, it’s far in part because of the reality that the watch network is growing and welcoming a more youthful era of creditors. It’s high time, too.

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