Swiss watch exports have fallen for the second consecutive month, with a 2.6% decrease in exports for the first 10 months of the year.

In October, Swiss watch exports declined for the second consecutive month, the Federation of the Swiss Watch Industry said in a statement on Tuesday. The total value of exports of Swiss watch and clock movements fell by 2.8% to around 2.3 billion Swiss Francs (approximately 2.6 billion US dollars). Compared to the same period last year, overall exports for the first 10 months of this year decreased by 2.6%. These figures highlight the challenging environment faced by watch manufacturers such as Rolex, Audemars Piguet, and Swatch, among others, after a period of prosperity following the pandemic, consumers have cut back on spending for expensive watches. Strong growth in exports to the United States and Japan, the two largest importers of Swiss watches. Exports to the United States and Japan increased by 11% and 20% respectively, as Japanese retailers continue to benefit from a weak yen. The decline in exports to China offset the growth in exports to Japan and the United States, with exports to China decreasing by 39%. Expensive watches with wholesale prices of over 3000 Swiss Francs were the only category showing strong performance, with a 4% decrease in quantity but a 1.7% increase in price. Expensive watches demonstrated some resilience, while exports of lower-priced watches declined. The Federation of the Swiss Watch Industry said that shipments of watches with wholesale prices between 500 and 3000 Swiss Francs dropped by 21% in October. Since the disruption in annual sales due to the pandemic in 2020, Swiss watch exports may see an overall decline for the first time in 2024. The industry had experienced prosperity in the preceding three years, with consecutive record-breaking exports. Swiss watchmakers' response has been to reduce production, with some companies utilizing a government program to put workers on furlough to avoid permanent layoffs.