Swiss perspectives in 10 languages

Swiss watch sales boosted by China lockdown thaw

Hong Kong street scene
Swiss watch sales surged 62% to Hong Kong, the portal to the huge Chinese market. Keystone / Alessandro Della Bella

Swiss watch exports jumped in March as orders from Hong Kong surged after the Chinese territory reopened from harsh Covid restrictions, bolstering strong global demand for luxury timepieces.

Exports climbed 13.8% by value to CHF2.4 billion ($2.7 billion), with shipments increasing by almost 62% to Hong Kong, the Federation of the Swiss Watch Industry said Tuesday.

+ The latest developments for the Swiss economy

Global demand for Swiss luxury timepieces spiked during the pandemic and has remained robust despite economic headwinds. Exports surged to a record of more than CHF24 billion in 2022.

Exports by volume of timepieces also rose during the month. The industry exported almost 300,000 additional watches in one month, an increase of 24% compared with March 2022, for a total of more than 1.5 million.

The number of watches exported priced at less than CHF200 jumped by 34%, likely driven by the continued popularity of Swatch Group’s Omega MoonSwatch collaboration.

There were, however, signs of cooling in demand from the biggest market for Swiss watches. Growth in exports to the US slowed to a 7.8% increase in March after jumping by almost 16% in February. 

Top Swiss watch brand CEOs from Patek Philippe to Oris Watches told Bloomberg this month that there were early signs of a slowdown in demand from consumers and retailers from the unprecedented levels reached during the pandemic. 

More


Coming soon Lost Cells A podcast uncovering the human stories behind private stem cell banking's promises and failures. Get notified

Popular Stories

Most Discussed

News

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here . Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR