Watch market shows good recovery for industry as whole

First published: 22-03-2010

The demand for Swiss watches rose in February as buyers in both Asia and North America started to spend much more on timepieces, new data has revealed.

Reports from the Federation of the Swiss Watch Industry add to evidence that the industry is recovering well from a major decline during the financial crisis and added to improved sentiments about the future.

According to the Federation late last week, exports of watches jumped by 14.2 percent in February to CHF 1.2 billion (£755 million) after rising for the first time after a year of falls, meaning that there is a positive direction established as the world meets for the biggest watch and jewellery fair in Basel this month.

Noting that exports are up 8.6 per cent on the same period last year, the Federation told Reuters: "Swiss watch exports showed steady growth in February, providing clear confirmation of the trend of previous months."

This month, Reuters analysed the market trends of the watch industry during 2009 and concluded that it was seen as a safe thing to put money into during the financial crisis as values held firm.