Exports of Swiss watches declined for a second straight month in October, driven in part by a drop in demand in China as consumers pulled back on luxury spending, according to a statement from the Federation of the Swiss Watch Industry.
Swiss timepiece exports declined 2.8 percent to around 2.3 billion Swiss francs ($2.6 billion) in value, 2.2 percent lower than in October 2023 and close to the trend seen since the start of the year, the federation said.
Exports to China were down roughly 39 percent in October, according to the federation, while imports to Hong Kong also fell 14.8 percent. The somewhat subdued sales in those two key markets represented a “major obstacle at the global level,” according to the federation….