Swiss Watch Exports Crash In China & Hong Kong [zero hedge]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: zero hedge
Swiss Watch Exports Crash In China & Hong Kong Fears of a luxury slowdown are materializing. New data from the Federation of the Swiss Watch Industry shows that exports of luxury timepieces tumbled the most since 2020 as demand crashed in Asia. Swiss watch exports dropped in March. Their value fell by 16.1% compared with the same month in 2023 to 2 billion Swiss francs ($2.2 billion). Cratering demand in China and Hong Kong caused most of the decline. Weakness was reported across all six main markets. Exports to mainland China, the second-biggest market for Swiss watches, plunged 42%, the worst decline since March 2020, when the global economy began seizing up due to government-enforced lockdowns. Shipments to Hong Kong tumbled even more, down 44%. "The negative trend is even worse than we expected and the decline in China is really worrying and probably indicates that inventories in the region were once again too high," Jean-Philippe Bertschy, an analyst at Vontobel in Switzerland, t
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