Swiss watch exports declined slightly in July, the first monthly drop in more than two years, as demand for pricey timepieces begins to slow amid higher prices and economic pressures.
Shipments fell by 0.9% last month to 2.2 billion Swiss francs with China driving the downturn, the Federation of the Swiss Watch Industry said Tuesday.
The decline suggests booming demand for expensive Swiss timepieces may be starting to cool after climbing to a record above 24 billion francs in 2022. Brands from Omega to Patek Philippe and Rolex have raised prices to offset higher input costs, boosting sales and profits amid the upswing. “However, as usual, a single month of watch exports should not be overestimated, as it is not a sales figure,” he said, predicting export growth to return in August and September.The federation said the slight downturn “will not have a significant impact on the general trend or forecasts for 2023,” suggesting the industry can still hit a new record again this year.
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