Luxury / news
Swiss Watch Exports Rise 9.1% in August as China and Japan Offset US Slump
Swiss watch exports climbed 9.1% in value terms in August, their fourth consecutive monthly gain, helped by demand in China, Japan and Singapore even as US shipments fell sharply.
The increase lifted the 12-month moving average into positive territory for the first time in two years, according to the Federation of the Swiss Watch Industry, which reported the figures on Thursday.
The regional picture was uneven. Shipments to Japan, Singapore and China advanced, while exports to the United States dropped 19.4% year on year in August. Vontobel analyst Jean-Philippe Bertschy described the regional data as "exceptionally volatile," saying the US decline reinforced the view that the market remains distorted by tariff-related inventory movements and difficult comparison bases.
Pricing tiers diverged as well. Volumes for midrange and higher-end timepieces were weaker than those for less expensive models, Bertschy said in a note.
August carries outsized weight for watchmakers' third-quarter results because China's Valentine's Day falls on Aug. 19. Even so, the broader luxury sector has contended with a deepening sales slump in China, where a slowing economy and a government crackdown on conspicuous consumption have curbed demand. A push to tax offshore wealth is also weighing on spending by the wealthiest consumers, with effects felt from stock markets to casino floors.
Bertschy cautioned that the improvement should not be read as a turning point. "One positive month is insufficient to establish a sustainable recovery, particularly in light of renewed concern around Chinese consumer demand," he said. The results point to a global watch market still challenged by tariffs and geopolitical tensions that have eaten into luxury sales.