Swiss Watch Sales Rise in July After Decline in June

(IDEX Online News) – Exports of Swiss watches climbed slightly on the year in July – up to 2.02 billion Swiss francs ($2.19 billion) – from 1.97 billion Swiss francs ($2.13 billion), according to data released by the Swiss customs office.

When adjusted for inflation, the increase came to 3.1 percent.

That compares with a 3.1 percent nominal decline in June when exports to Hong Kong, the largest watch market in the world, dropped as retailers sold stock in hand rather than buying new watch models.

In January-July, total watch exports were up just 1.1 percent to 12.27 billion Swiss francs ($13.3 billion).

Nick Hayek, the CEO of the Swatch Group, said in July sales in Hong Kong and China, the third-largest market for Swiss watches, were difficult but he was upbeat regarding the second half of this year.

The Chinese government last year brought in new taxes relating to luxury items, including top-end watches, as part of an anti-corruption drives.