Swiss Watch Exports Decline Amid Smartwatch Encroachment
- 200-franc to 500-franc watches suffered the most in December
- Annual shipments fall for the first time in six years
The bottom plate of a Hublot wristwatch. The Swiss watch industry is struggling as stock markets tumble worldwide and after the Paris terror attacks in November dented the number of wealthy Asian tourists purchasing expensive timepieces in Europe.
Photographer: Gianluca Colla/BloombergSwiss watch exports posted their first annual drop in six years, hurt by slumping demand for less-expensive timepieces that are competing for buyers with Apple Inc. and other smartwatch makers.
December exports declined 3.8 percent, pushing shipments down 3.3 percent on the year to 21.5 billion Swiss francs ($21.2 billion), the Federation of the Swiss Watch Industry said Tuesday. That compares with a 1.9 percent rise the previous year. Timepieces costing 200 francs to 500 francs -- which comprise about 15 percent of volumes -- suffered the most last month, slumping 15 percent.