Swiss Watch Industry Warns of Weakness Even as Exports Rise

Swiss watchmakers are facing a challenging outlook despite a 6.9% increase in exports by value in August 2024. The growth is primarily driven by demand for high-end timepieces priced above CHF 3,000, while mid- and entry-level watches experience declining demand. Analysts attribute this to a slowdown in key markets like China and Hong Kong, leading to cautious forecasts for the remainder of the year. Industry leaders, including Rolex CEO Jean-Frédéric Dufour, anticipate a difficult year ahead as demand normalizes from previous peaks.