Yahoo Sports Monthly Swiss Watch Exports to the U.S. Have Declined for the First Time in Two Years
It appears America’s appetite for Swiss wrist candy is starting to wane.
Monthly Swiss watch exports to the States recently dropped for the first time in more than two years, according to statistics shared by the Federation of the Swiss Watch Industry on Thursday. Exports to the U.S. fell by 4.9 percent in April, while four other key regions achieved significant growth.
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The U.S. still remains the biggest market for Swiss timepieces and accounted for the most exports in April (14.9 percent). Still, the downturn suggests that there may be a softening in demand for high-priced watches stateside. It comes amid a “richcession” in which many wealthy Americans are changing their spending habits in response to the country’s economic downturn.
Swiss watch exports were strong overall, though, climbing 6.8 percent from last April to reach roughly $2.2 billion (2 billion Swiss francs). Exports to China more than doubled in April (107.8 percent), as the country’s lockdowns eased. The upward trend extended to Hong Kong (15.8 percent), Japan (5.4 percent), Europe (6 percent), and the United Kingdom (9.8 percent). Conversely, Singapore fell by 6.3 percent, after 14 months of particularly strong growth.
The number of timepieces exported also jumped 18.8 percent year over year. The growth was driven primarily by watches made from “other materials” (i.e. not gold, steel, or other precious metals), with the number of pieces rising by 185,000 in a single month. The value of luxury watches priced at $3,300 (3,000 francs) or more (export price) increased by 7.4 percent during April. The number of high-priced models sold also jumped 3.9 percent compared to the same period last year. Cheaper watches priced at less than $220 (200 francs) achieved significant growth in April (35.1 percent) and climbed in value (26.2 percent).
Swiss watch exports hit an eight-year high in 2022, and global demand has remained steady even amid economic uncertainty. Let’s see how the next few months play out, then.
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