2020 was a really tough 12 months for the Swiss watch {industry} with a historic fall of 21.8%, the steepest decline since 2009. Following this sharp contraction of the worldwide watch market, 2021 has seen a restoration from the pandemic and a return to development, to the purpose of recording its greatest 12 months ever! The FHS, the Federation Horlogère Suisse (or the Swiss Watch Federation), has simply launched export statistics for 2021. At CHF 22,297 million, exports had been 31.2% greater than 2020, 2.7% greater than 2009 and 0.2% greater than the best ever recorded by the {industry}, in 2014.
Following the large hit taken in the course of the pandemic, the watch {industry} bounced again to development. After all, the previous two years have been a interval of profound modifications and the scenario differs from one model to the opposite. However high gamers like Rolex, Patek Philippe or Audemars Piguet appear to be proof against disaster and are stronger than ever; the surge of unbiased watchmaking has been exceptional over the previous few months; Conglomerates Richemont and Swatch Group have simply unveiled outcomes reflecting the restoration of the {industry}. Total if the outlook was gloomy and if the {industry} nonetheless faces challenges, issues have improved sharply over the previous few months. The primary concern is now typically to hurry up manufacturing whereas Omicron is disrupting provide chains.
A restoration supported by greater priced fashions
Total, the restoration is supported by greater priced fashions. If these retain their enchantment and have loved steady development, the low/mid-end segments have been underneath stress for a number of years. Particularly, the smartwatch enlargement appears to come back on the expense of the lower-priced Swiss timepieces (specifically these fitted with quartz actions). The common export worth of Swiss watches is now over CHF 1,300 versus CHF 720 in 2015.
Pattern by markets
Having a look on the pattern by area, the USA (CHF 3,078 million +54.9% versus 2020 and +27.8% versus 2019)) and China (CHF 2,967 million +23.9% versus 2020, +48.8% versus 2019), are the 2 primary locations for Swiss watch exports and have clearly been driving the expansion. The USA are again because the primary vacation spot for Swiss watch exports. China is greater than ever a strategic marketplace for the watch {industry}. Particularly, for the reason that pandemic has stopped worldwide journey, Chinese language shoppers have spent a rising proportion of their luxurious finances on their home market. This has lengthy been inspired by authorities insurance policies and the pandemic is accelerating this reshoring of luxurious consumption on a neighborhood foundation.
Whereas most nations are on the trail to restoration, probably the most affected throughout 2020/21 are these relying on tourism, specifically Europe and Hong Kong. As we speak, Asia accounts for 52.1% of the watch exports, Europe 28.7%, America 17.2%. Oceania 1.3% and Africa 0.7%.
For extra info, please go to the web site of the Federation of the Swiss Watch Trade.
https://monochrome-watches.com/industry-news-fhs-reports-record-level-for-swiss-watch-exports-in-2021/
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