Swiss Watch Exports Slowing After a Record Run [BNN Bloomberg (Canada)]
SWATCH GROUP AG UNSP/ADR (SWGAY)
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Source: BNN Bloomberg
Exports of timepieces hit 26.7 billion Swiss francs ($30.9 billion) in 2023, but the rate of sales growth slumped to 3.6% in the second half of the year from 11.8% in the first half, the Federation of the Swiss Watch Industry said Tuesday. Watch buyers are reining in spending amid economic and geopolitical concerns. At the same time, the soaring value of the Swiss franc is pressuring producers. “Subcontractors and suppliers, particularly, are expecting a less positive outlook this year,” the Swiss Federation said in a statement. “Although the sluggish economic situation has only appeared to have a partial impact on the luxury goods market so far, it is nonetheless affecting consumer confidence at all levels and several brands have already indicated that they intend to be cautious in their forecasts.” Bloomberg News reported last year on the slowdown hitting the industry after demand for pricey timepieces from brands including Rolex, Patek Philippe and Audemars Piguet soared t
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