Less and Less Need for Swiss Watches

A series of recent data released by the industry, the grim situation remains worrying watch industry. According to the latest data Federation of the Swiss Watch Hand (FSWI) recently released data show: in February 2016 the Swiss watch exports was 16.5 billion Swiss francs, down 3.3 percent, which is already the Swiss watch exports fell the eighth consecutive month . The only good news is regarded as February data decline moderated from 7.9% in January, mainly due to the resumption of sustained growth in the Japanese market and the US market.

However, in spite of 33.1% compared with January’s decline narrowed, but as the largest market for Swiss watch exports in Hong Kong is still the largest regional decline, figures in February was 2.1 billion Swiss francs, down 25.3%, which is already in Hong Kong the market for 12 consecutive months, a downward trend. The second largest market after the United States declined for five consecutive months, finally had growth of 2.4%, benefiting from substantial growth in the Japanese market during the Chinese Lunar New Year tourists to buy, in February it made 22.4 percent increase, to replace the mainland market to become Swiss table’s third largest export market. The poor performance of the mainland market in February, there has been 6.8% decline.

From the perspective price segment, high-end watches, Swiss watch industry is unique in February have increased, the price of more than 3,000 Swiss francs luxury watch exports and export volume picked up, other price range of watches are fell, of which 200 exports fell the most obvious watches Swiss francs or less, down 11.1%.

It was during last month’s Basel International Watch Fair, many companies are expected, due to the 2016 global economic situation is expected to only 3% of the overall growth of the industry in 2016 will not be improved. Citigroup’s report also pointed out that some negative factors will continue to cause adverse effects on the market, in addition to weakness in the Hong Kong market, China’s economic slowdown outside the US demand also declined, while the fall in oil prices will hit the Middle East and Russian regions demand.

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