The Swiss watch industry recorded its steepest drop in June, the biggest it’s had since the beginning of the year. According to the Federation of the Swiss Watch Industry (FH), exports totalled 1.6 billion CHF ($2.2 billion Cdn.), 16.1 per cent less than in June 2015.
Currency woes, increasing demand for smartwatches, and slower watch sales in China were some of the issues facing exhibitors and buyers alike at the 44th edition of Baselworld.
The eight-day fair opened under a haze of cautious optimism for a turnaround in consumer purchasing habits in the short term and greater demand for watches in traditionally strong markets.
Swiss watch exports in November rose by 4.5 per cent, recording the highest ever monthly value of 2.2 billion CHF ($2.3 billion Cdn).
However, the Federation of the Swiss Watch Industry (FH) says the increase was below the annual average.
Exports of gold and steel watches led the way, while platinum and silver/gold-plated saw steep declines. By price category, exports of watches costing less than 200 CHF ($200 Cdn) fell by 2.3 per cent, while … Continue reading Swiss watch exports slow down