Exports of Swiss watches reached a record high in November, rising demand in the US and Qatar offset a drop in China, reports Bloomberg, quoted by Agerpres.
Statistics released by the Federation of the Swiss Watch Industry show watch exports rose 10.9 percent in November to a monthly record of 2.4 billion Swiss francs ($2.6 billion).
In the first 11 months of this year, exports totaled 22.9 billion Swiss francs, up 11.9% on the same period in 2021 and on schedule to achieve the sector’s best year yet.
Watches worth over 3,000 Swiss francs enjoyed the highest demand in November (up 15.7%), while shipments of watches priced up to 200 Swiss francs rose 155.6%, although exports of watches priced between 200 and 500 Swiss francs fell 30% .
Qatar stores have prepared luxury watches for the World Cup
Qatari retailers have increased stocks of luxury watches ahead of the World Cup, with November exports up 112% to 36 million Swiss francs compared to the same period in 2021.
Demand for luxury watches has grown at an unprecedented rate, and during the pandemic, more affluent consumers, especially Americans, are discovering Swiss brands from Rolex and Omega to Patek Philippe.
Exports to the US rose 33% in November compared to the same period in 2021, while China’s imports of Swiss watches fell 11.5% in the context of restrictions imposed by Beijing authorities after the Covid cases.
Last year, the United States overtook China to become the main market for Swiss watches. The watch industry accounts for approximately 10% of Switzerland’s total exports and provides approximately 57,000 jobs.
Switzerland’s watch export record comes amid a general period of record sales for major luxury brands since the COVID-19 pandemic.
This situation, combined with the spectacular decline in Tesla’s share price over the past 12 months, has catapulted Bernard Arnault, chairman of the board of the luxury goods conglomerate LVMH, to the top spot in the ranking of the world’s richest people.
Arno briefly overtook Elon Musk in the rankings in early December and then again on the 10th of this month, holding the top spot ever since.
Source: Hot News
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