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Swiss watch exports saw a rise in September, driven by the continued demand for high-end timepieces. Despite a decrease in shipments to the US and Chinese markets, overall exports increased by 3.8%, reaching 2.3 billion francs ($2.6 billion). The Federation of the Swiss Watch Industry reported that Hong Kong and Japan were the main contributors to this growth.

While the US had overtaken China as the top destination for Swiss watches this year, exports to the US fell by 6.4%, and shipments to China slid by 5.5%. However, the monthly increase in exports, which marks the second consecutive rise following a contraction in July, reflects the strong global demand for Swiss luxury watches, despite concerns about weaker economic growth and inflation.

According to Luca Solca, an analyst at Bernstein, the increase in monthly exports can be attributed to the strategy of watch brands raising prices. Although the total volume of shipments decreased by 2.9%, the value rose by 4%, indicating that price hikes were driving the growth.

Specifically, exports to Hong Kong saw a significant increase of 24%, while shipments to Japan rose by nearly 9%. The UK also experienced a growth of 3% in Swiss watch exports. Solca also highlighted the contribution of tourist destinations like Italy and France to the overall surge in exports.

The key growth driver for Swiss watch exports remained watches priced above 3,000 francs, with a value increase of 8.2%, despite a 3% decrease in the number of units sold. Additionally, entry-level priced watches also saw growth, with a 4.3% increase in value. This was mainly driven by the success of popular models like the MoonSwatch and the collaboration between Swatch and Blancpain.

In 2022, Swiss watch exports reached a record high of over 24 billion francs, indicating the industry’s continued success and global demand for luxury timepieces.