Professionals gathered at the Geneva watch show since Monday remain upbeat after two years of record exports, even as the whirlwind rocking the banking sector has brought back unpleasant memories of the 2008 financial crisis, AFP reports.

In 2021, Swiss watch exports rebounded by 31.2% thanks to a strong recovery in the United States and the Middle East after the shock of the Covid-19 pandemic, and then increased by another 11.4% in 2022, accelerating the recovery in Europe. driven by returning tourists to reach an all-time high of 24.8 billion Swiss francs (24.9 billion euros).

And for the first two months of this year, the statistics of the Swiss Watch Federation show a further increase in exports by 10.6%.

But the sharp correction that hit the banking sector of the stock market after the bankruptcy of the US bank SVB and the collapse of Credit Suisse is reviving the specter of 2009, when watch exports fell 22.3%, even more than in 2020, with the shock of the Covid- 19 (-21.8%).

“I’m not in a position to say what the global impact will be,” admitted Thierry Stern, head of Patek Philippe, in an interview with AFP on the sidelines of the Watches and Wonders exhibition.

“But I still think it should be easier than in 2008-2009,” added the head of one of the most prestigious Swiss watchmaking brands.

For now, the difficulties remain “very localized,” while Patek Philippe “sells all over the world,” says Thierry Stern, who is betting on Asia in particular to deliver growth in 2023.

Jérôme Lambert, chief executive of luxury goods giant Richemont, which owns the Cartier, Piaget and IWC brands, admitted the drop in demand in 2009 was “very rapid” and “severe”.