Swiss Watch Exports Jump to Record High on US and Qatari Demand But China Slumps

Swiss watch exports rose to a record high in November as Americans bought more expensive watches.

The Federation of the Swiss Watch Industry said that shipments rose to a monthly record of over 2 billion Swiss Francs. The industry is on track for its best year ever, with exports increasing by 11.9% in the first eleven months of the year.

The data shows that retailers in the country stocked up on expensive watches ahead of the World Cup, which resulted in a surge in exports.

Demand for luxury watches has risen to unprecedented value levels after more cash-flush consumers, particularly Americans, discovered Swiss brands.

In the month of November, exports to the US increased by a third. The country continued to deal with Covid restrictions, which led to a decrease in Chinese imports of Swiss watches.

China was the top market for Swiss watches.

Gains were driven by demand for more expensive watches. Swatch Group AG's Omega MoonSwatch collaboration is likely to be the reason for the rise in Swiss watch exports.

Consumers continued to shun value-priced Swiss watches as exports of watches priced between 200 Francs and 500 Francs plummeted.