As per the latest data from the Federation of the Swiss Watch Industry, in July, Swiss watch exports showed a marginal decline of -0.9% compared to the same period in 2022, with total exports reaching 2.2 billion francs. This dip is attributed to factors such as a negative base effect in China and Singapore.
Swatch Group’s dynamic duo—Swatch and Tissot—however, are seemingly well ahead of the pack for the moment. Nick Hayek, the head honcho at Swatch Group, shared that both Swatch and Tissot have donned their sprinting shoes and are outshining the broader Swiss timepiece market.
Last month, exports of Swatch brand goodies rocketed by 61% in value and 39% in volume. And what’s causing this cosmic boost? New releases and the incredibly popular MoonSwatch collab with Omega. So while the overall Swiss watch export data recently whispered tales of a slight 0.9% decline in shipments—cue dramatic music—Swatch and Tissot more than stood their ground.
Exports of Swiss watches priced under 200 francs (that’s about $227) took a tiny dip of 2.6% in value, mostly because of fewer shipments to China. But hang tight, there’s a plot twist! Nick Hayek reveals that the “lower-market segment is stronger than before.”
And it isn’t just about the Moonswatch. The recently released “What If?” square-cased Swatch model has also been well received. And Tissot? Well, their PRX model is contributing to a 23% surge in exports by volume and a 36% leap in value.
More details at Bloomberg right here.
Reminds me of the restaurant scene with mid/lower tier restaurants/groups getting priced out as people realized the food is too costly for the price and not offer enough of the “experience” so they either go take out places like Chipotle in US or go higher end restaurants.