Swiss watch market shows recovery promise

First published: 23-11-2009

While the number of watch exports from Switzerland continues to fall due to recessionary trends, the size of the drop in fortunes is contracting, showing hope for a recovery in the next few months.

Exports fell by 23 per cent year-on-year following a 26 per cent slide in September, though the value of sales jumped to 1.3 billion Swiss francs (£700 million) in October from 1.1 billion francs (£662 million) the previous month.

Speaking to Reuters, Helvea analyst Alessandro Migliorini said there will be a recovery in the near future, owing largely to an expansion of requirements for watches in other parts of the world.

The expert continued: "We still believe that underlying demand is picking up in some of the major Asian markets, as highlighted by a number of players in the industry, and would expect demand to bottom out in most other markets over the next few months as destocking comes to an end.

Earlier this month, the world's most complicated pocket watch - a Patek Philippe Yellow Gold Calibre 89 - sold for around £3 million, a world record price.