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Swiss watch manufactures suffer from Hong Kong protests

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Swiss watch manufactures suffer from Hong Kong protests
November 19
13:00 2019

Everything in the world is bound together. This postulate was confirmed by the Federation of the Swiss watch industry. The fact is that in October, the export of Swiss watches has not grown sufficiently. A reduction in supplies to Hong Kong, where mass protests have been held since the summer, has become the reason for this.

In October, watch sales rose 1.5% in annual terms, a month earlier the same indicator was 10.3%. In total, in the second month of autumn, watches were sold for a total of $ 2.05 billion. In September, watch exports grew 10.3% year on year.

Hong Kong is traditionally a good market for high-quality expensive Swiss watches, but shipments in just a month have fallen 30% (goods sold in the amount of 191.3 million francs).

Here’s how sales are distributed in other markets:

– watch exports to the United States has grown 9.5% and amounted to 227.5 million francs;

– China: an increase of 17.6% – to 218.4 million francs;

– Japan: exports grew 11.3% – to 146.1 million francs;

– France: an increase of 24.2% – to 114 million francs;

– Great Britain: there was an increase of 12.9%, up to 145 million francs.

We recall that the protests in Hong Kong were provoked by the introduction of a controversial bill in Parliament, which was created to extradite suspects to mainland China. For several months, the opposition’s behavior has become tougher: demonstrators block traffic on the streets of the metropolis and use makeshift spears against the police. Demands have also expanded: the opposition wants the government to change and liberalize the political course.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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