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The Hong Kong market for Swiss watch exports grew by 10.9% during 2008 while the US market shrunk by 3% which was enough to see the US toppled from the number one spot it has held for the last decade. Although the US market fell to second place, Japan, the third largest market is only half the size of the US. Japan is followed closely by the fourth and fifth largest markets, France and Italy respectively. Compared to 2007, the biggest gains in the value of Swiss watch exports were 43.1% for China, then the United Arab Emirates with 27.6% and Saudi Arabia with 24.0%. In contrast, Spain had the biggest decline of any of the markets in the top 15 with a decline of 13.5%.

Somewhat surprisingly, 2008 was still a record year for Swiss watch exports with the total value of exports 6.7% higher than 2007, which itself was a record year. The final result doesn’t tell the whole story however with the final quarter of 2008 showing a 7.8% decline as the Global Economic Crisis started to hit home for most markets.

The top 15 markets for Swiss watch exports in 2008 with the percentage variation against 2007 and the total value in million US dollars are:

1. Hong Kong ($2,405, +10.9%)

2. USA ($2,111, -3.0%)

3. Japan ($1,053, -4.5%)

4. France ($1,008, +15.1%)

5. Italy ($932, +2.5%)

6. Germany ($814, +10.2%)

7. China ($736, +43.1%)

8. Singapore ($698, +16.8%)

9. United Arab Emirates ($600, +27.6%)

10. United Kingdom ($571, -2.7%)

11. Spain ($403, -13.5%)

12. Russia ($259, -9.7%)

13. Taiwan ($258, +5.1%)

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14. Thailand ($236, +11.8%)

15. Saudi Arabia ($213, +24.0%)

The decline in Swiss watch export values seen in the final quarter of 2008 has continued into 2009. The results for the first two months of 2009 released by The Federation of the Swiss Watch Industry show the value of exports to the US declined 38% against the same two months in 2008. Exports to the US in the month of February 2009 alone fell by nearly a half with a drop of 47.5%. Other markets have fared better however with the next largest market decline being Japan with 13.5%.

As not all markets have been declining to the same extent (with some markets still growing), not all price ranges of Swiss watch exports have been affected the same. Higher priced exports fared much better in 2008 by growing 20% when compared to their 2007 results. Watch exports with a value of USD $2676 (at time of writing) grew while watches priced between USD $446 and $2676 fell.

In hard economic times, luxury items such as watches become purchases that are more difficult to justify for middle income earners while high income earners still have enough discretionary income to afford a high end luxury watch. So as was expected, the higher end of the luxury watch market held up in a generally declining export market while those watches in the lower end suffered the most. This trend has continued on into the first quarter of 2009 and only time will tell whether the market for luxury watches will show signs of recovery by the end of 2009.

Having seen sustained growth in the value of Swiss watch exports year on year, some of the declines being experienced in 2009 can appear alarming. However it should be remembered that 2008 was a record year for exports and even though the market in a number of key markets, adjustments are being made by the Swiss watch industry to ensure a healthy long term future.

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