facebook pixel
  • Watch Certification Services of America100% Certified Authentic

    BOB’S WATCHES

    The Trusted Name in Authenticated Luxury Timepieces

    Every watch on our site is 100% certified authentic by WatchCSA, the industry's leading independent authority on watch authentication.

  • SIGN IN

BOB’S WATCHES

ROLEX BLOG

Higher Demand for Rolex and Omega Just Broke the Record Swiss Watch Slump

April 30, 2017

BY Paul Altieri

SHARE

Swiss watch exports have been in a swan dive for nearly two years, since the summer of 2015 when they first started a downward trend that was starting to look irreversible. They have now ended their longest slump on record as shipments to Hong Kong, an industry barometer, rose for the first time in 25 months. Exports gained 7.5 per cent to 1.6 billion Swiss francs – $2.25 billion U.S. – the Federation of the Swiss Watch Industry said this week, reports the Singapore Business Times. Watches only count for about 10% of Switzerland’s exports but are an important bellwether for the health of the industry.

Swiss watch exports

Rolex has always been an industry leader.

Demand

Higher demand for luxury watches such as Rolex, Omega and Cartier watches, in particular, helped fuel the boost, the report states. Improving trends in Asia and a rebound in Chinese tourism to Europe has “spurred optimism that the worst may be over after the biggest annual decline in shipments for seven years,” BT notes. “It has finally happened,” John Guy, an analyst at MainFirst Bank AG, tells the paper.

Swiss watch exports

“the worst may be over after the biggest annual decline in shipments for seven years”

Consumer Confidence

“The comparison base was soft, but the rest of the year should provide more of a tailwind. Hong Kong is benefiting from additional tourism flows, but in general, consumer confidence is coming back.” That confidence can range from a steady increase in selling a luxury watch to Rolex being a highly reputable company. Despite the reasons, consumer confidence is growing. That’s a strong statement that is likely causing champagne corks to pop in Geneva.

Swiss watch exports

The luxury watch industry was looking gloomy, with some of the most exclusive brands turning to ever-increasing backchannel “grey market” sales to move unsold inventory.

Shipments to Hong Kong were up 18 per cent in March, ending 25 months of steep declines, while China went up a whopping 38 per cent, the biggest advance in two years. Even exports to the U.S. climbed by 16 per cent. Right up until the report’s release predictions for the luxury watch industry were looking decidedly gloomy, with some of the most exclusive brands turning to ever-increasing backchannel “grey market” sales to move unsold inventory. However, the flood of the discounted products on websites with downmarket images could eventually damage some brands’ prestige. Look for gray market sales of the highest priced brands to drop off if the good news on exports continues.

WATCHES YOU MIGHT LIKE

SHARE
  • This error message is only visible to WordPress admins

    Error: API requests are being delayed. New posts will not be retrieved.

    There may be an issue with the Instagram access token that you are using. Your server might also be unable to connect to Instagram at this time.

    Error: API requests are being delayed for this account. New posts will not be retrieved.

    There may be an issue with the Instagram access token that you are using. Your server might also be unable to connect to Instagram at this time.

  • Get The Best Deals - Buy A Rolex
    Sell A Rolex

    "The most trusted place to buy or sell a used luxury timepiece" – WSJ

    • AWCI
    • Jewelers Board of Trade
    • IWJG
    • TrustLock
    • Spirit of Enterprise
    • PayPal Verified
    • Inc 500
    • FedEx
    • UPS
    • The Hartford

    Bob's Watches is an independent watch dealer and is not sponsored by, associated with and/or affiliated with Rolex, or any other brand listed. Bob's Watches only sells pre-owned watches and provides its own warranties on the watches it sells. Rolex Datejust, Rolex Day Date President, Submariner, Presidential, Explorer, Sea Dweller, Super President, GMT Master, GMT, YachtMaster, Prince, Milgauss, MasterPiece, Air King, Cosmograph Daytona, and PearlMaster, etc are all registered trademarks of the Rolex Corporation. All brands including Brequet, Cartier, Audemars Piguet, Patek Philippe, Ulysse Nardin, Breitling and Omega, etc are trademarks of their respective owners.