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Swiss Watches Face Worrying Time
Sep 28, 2016 4:01 AM
By Rapaport News
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RAPAPORT... The number of Swiss watch
executives with a pessimistic outlook for the nation’s timepiece industry has
doubled since 2015 as exports in the first half slumped to the lowest level in
five years, according to Deloitte.
The
number of industry leaders who expect the industry to go pear-shaped stands at
82 percent in the Deloitte Swiss Watch Industry Study 2016. Some 65 percent are
downbeat about the country's main export markets for the next 12 months.
Exports of Swiss watches fell in the six months to June to $9.8 billion (CHF 9.5 billion), from $10.5 billion a year earlier.
Weaker foreign demand has become the biggest risk for Swiss watch industry
executives, overtaking the strength of the franc relative to the U.S. dollar.
Exports to China and Hong Kong have dropped, with August representing the 18th
consecutive month of decline. Anti-corruption legislation in China
continues to hamper luxury sales, while fewer tourist arrivals in Hong Kong eat
into the watch sellers’ revenues in the municipality.
“The
downturn in the most important export market for the Swiss watch industry therefore seems likely to continue,” the report said.
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Tags:
China, Hong Kong, Rapaport News, retail, Swiss watch exports, Swiss watches, watches
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