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Bloomberg
Swiss watch exports rose again in July, increasing to near record levels and notching their highest value in eight years as demand for pricey Rolex, Omega and Vacheron Constantin timepieces booms.
Exports rose 8.3% in July compared to the same month in 2021 to 2.2 billion Swiss francs ($2.3 billion), the Federation of the Swiss Watch Industry said. That’s the highest value for exports of Swiss watches since a record performance in October 2014.
Demand for luxury watches has been soaring after many cash-flush consumers discovered Swiss brands from Rolex and Omega to Audemars Piguet and Patek Philippe while stuck at home during the pandemic.
Exports to the US increased 13.5% from the year before and it remained the biggest market for Swiss watch exports after overtaking China last year.
Demand in China is recovering as Covid-19 lockdowns ease with exports rebounding during the period to hold its position as the second biggest market for Swiss watch exports.
The export figures were “much better than expected,†said Jean-Philippe Bertschy, an analyst at Vontobel who was expecting a slight decrease.
While prices for luxury watches on the second hand market have been dropping, in part because of the cryptocurrency crash and falling equities, the July exports are “rather reassuring statistics from the Federation,†Bertschy said.