September 22, 2023

Athens News

News in English from Greece

Greeks rushed to buy Swiss watches

Exports of Swiss watches recovered in August this year after a significant decline recorded in July.

According to data published by the Federation of the Swiss Watch Industry, exports rose 4% last month to 1.8 billion francs ($2 billion), with the United States, the main watch export market, recording a 13.5% increase.

A significant increase of 13% was also recorded in Greece: the value of imports into our country reached 10.1 million Swiss francs, compared to 8.9 million francs last year.

The figures show that demand for luxury products remains stable, despite rising prices and slowing economic growth in most countries. According to the federation, the sector is still on track to perform better than in 2022, when it reached a record level of more than 24 billion francs.

However, exports to China (the second largest market) weakened. The figures fell 27% in August. At the same time, exports in Hong Kong grew by 29%, and in the UK by 21.5%.

Brands from Omega to Patek Philippe and Rolex have raised prices to cope with higher production costs, resulting in higher sales and profits.

According to market participants, despite the decline in demand, watch manufacturers will most likely have to further increase prices. As noted, connoisseurs of walkers during a pandemic “rediscovered” the brands of watches worn by the French explorer Jacques Yves Cousteau, buying expensive pieces. In total, 10 thousand elite walkers were sold during this time.

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