Yves Bugmann highlighted the challenges facing the Swiss watch industry in 2024, notably a sharp decline in exports to China and Hong Kong, attributing it to declining consumer confidence.
Bugmann pointed to favorable performance in markets like Japan and the U.S., indicating that while overall export figures are down, brand-specific sales can greatly vary.
Oliver Muller, a watch analyst, remarked that export statistics don't reflect actual sales, predicting an average decline of 5% in Swiss brand sales this year.
Bugmann emphasized the trend of reducing export figures, with 21.6% drop to China and 19.9% to Hong Kong, posing significant challenges for the industry.
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