On reducing the export of Swiss watches to China
A large number of connoisseurs of luxury Swiss watches live in China. According to
statistics, it is in the Middle Kingdom that almost 40% of the accessories made in
the well-known company Richemont Group and 50% of the products of the watch
holding Swatch Group are sold. However, according to forecasts of industry experts
in China, in the near 2019, a decrease in demand for Swiss watches is expected.
The reason for the fall in demand for elite watches is called the Middle Kingdom's
trade war with the United States. There is information that in the near future there
will be a devaluation of China's currency, which will reduce the ability of citizens to
purchase elite accessories.
It is worth noting that a large number of luxury watches were exported to China in
2018. The volume of exported accessories grew by 6%. However, René Weber, who
previously worked in the analytical department of the Vontobel Bank of Switzerland,
believes that the export of elite watches will increase by only 4% this year.
Jean-Daniel Pache, being the President of the Swiss watch industry, said that there
are only 3 risks: the trade war between China and China, the situation on the currency
markets and the situation on the world economy market. Due to these risks, the
demand for accessories will fall.