Exports of Swiss watches rose to a record level in November – Kommersant
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In November, exports of Swiss watches grew by 3.1% and amounted to 2.5 billion Swiss francs ($2.9 billion), a record figure. Such data published Federation of the Swiss Watch Industry. In the first 11 months of the year, sales increased by 7.7%. Thus, the volume of watch exports will be a record for 2023 as a whole – only €200 million remains to overcome last year’s figure.
The growth in exports is not due to an increase in the number of watches sold, but due to rising prices. The number of watches sold decreased in November by 1.3%, to 1.55 million units. As noted in a recently released report from Bain & Company and Altagamma, this reflects a general trend in the luxury market – monetary growth continues due to higher prices, but physical sales volume declines.
However, the growth rate of sales of Swiss watches in monetary terms has slowed down noticeably since the beginning of the year. Previously, Bloomberg experts notedthat the demand for Swiss watches, which has been increasing over the past three years, has gradually begun to decline.
In November, exports of Swiss watches to China decreased by 3.7%, while exports to the United States showed a rather weak increase of 0.9%. At the same time, exports to the UK (by 16.7%), Hong Kong (by 12.9%), and Japan (by 11.9%) increased significantly.
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