Haute Time: Global Demand for Fine Swiss Watches is Recession-Proof
While the global economy has thrown us some curveballs recently, one thing has remained constant – the need to tell time, and to do so in style. In May, Swiss watch exports, despite what else may be going on in the world, have risen 40.1% in real terms to 1.64 billion Swiss francs, with nearly every other market in the world also reporting an increase.
According to the Swiss Watch Industry Federation, only Taiwan showed a decrease out of the 30 top markets for Patek Philippe, Rolex, and Omega watches. Asia’s luxury markets led by Hong Kong and China continued to lead the list with leaps in demand for high-end timepieces from the country’s burgeoning wealthy. Even Greece made its way into the top 30 (at #30), with Swiss watch imports of 6.3 million Swiss francs last month – a 6.1% increase from last year. Other troubled countries also reported increases.
With gold watches doing exceptionally well globally at a rise of 50.3% last month, it seems that the demand for fine Swiss watches is unshakeable. Patrick Schwendimann, analyst at Zuecher Kantonalbank, agrees, “The recovery in luxury appears to be broad based, it seems to be impervious to price increases or anything else.”
[Source: Luxury Society]
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