2.4% growth of Swiss watch exports in 2019
The Swiss watch industry saw exports exceed the already high level achieved in 2018, in line with the forecasts produced a year ago, in a complex and fast-changing environment. Swiss watches benefited from continued demand in the luxury goods market in general, despite a sometimes challenging economic, commercial, political or social context. They were also faced with increased competition, both in the higher value segment and at entry level, where volumes were particularly hard hit. Overall performance varied significantly, with some markedly contrasting results among different players, markets and product categories. Ultimately, Swiss watch exports were worth 21.7 billion francs in 2019, an increase of 2.4% compared with 2018. Growth in the second half of the year (+3.2%) was twice as strong as in the first six months of the year (+1.5%). However the rate of growth slowed in the fourth quarter (+1.1%), as a result of very poor performance in Hong Kong.