Heard on the Street: Swiss Watches Wind Down in China -- WSJ

Dow Jones10-17

By Carol Ryan

Swiss watch exports to China hit the lowest levels since the depths of the Covid-19 pandemic, another sign Chinese luxury consumers have pulled back sharply.

The value of watches shipped from Switzerland to Chinese retailers in September halved from a year earlier, data from the Federation of the Swiss Watch Industry showed Thursday.

Shipments to Hong Kong, traditionally a hub for luxury watches, fell by a third. Exports to mainland China haven't been so weak since early 2022, when the country was under lockdown.

The trend looks worse in the middle market: Global shipments of watches priced between $350 and $3,500 fell sharply, while more expensive timepieces proved more resilient.

This points to a tougher environment for companies like Swatch. Richemont, which houses some of the costliest watch brands in the world, like Vacheron Constantin, could be more protected if spending by the wealthiest shoppers continues to hold up.

Louis Vuitton owner LVMH also flagged a slowdown in Chinese luxury demand when it reported disappointing results earlier this week. Rivals Kering and Hermès are set to report next week.

In the meantime, the watch industry offers more proof that all isn't well with consumers in one of luxury's most important markets.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

October 17, 2024 07:10 ET (11:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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