Space Industry and Business News
TIME AND SPACE
Swiss watch exports to China plunge 50% in September
Swiss watch exports to China plunge 50% in September
by AFP Staff Writers
Zurich (AFP) Oct 17, 2024

Swiss watch exports suffered their steepest fall this year in September, pulled down by a 50-percent plunge in sales to China, the industry's federation said Thursday.

It marks the latest sign of weakening demand in the world's second-largest economy, which has hit Europe's luxury sector.

Sales to Hong Kong also fell 34.6 percent during the month from a year earlier, according to the Federation of the Swiss Watch Industry.

Swiss watch exports are a closely watched indicator for the overall health of the luxury goods sector.

Across all markets, exports fell 12.4 percent in September to 2.1 billion Swiss francs ($2.5 billion).

Sales also fell by 13.9 percent to Singapore and by 19.8 to South Korea.

Sales to other European countries dropped 3.4 percent, while the only major markets to grow were the United States, up 2.4 percent, and Japan, up two percent.

After hitting a record high in 2023, Swiss watch exports are down 2.7 percent in the first half of this year on falling Chinese demand as the country faces a real estate crisis and rising youth unemployment.

China is a key market for Swiss watches, representing 10.3 percent of all exports in 2013.

But that figure underestimates China's importance given purchases by Chinese tourists during trips to Europe, especially before Covid pandemic lockdowns.

Related Links
Understanding Time and Space

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TIME AND SPACE
New quantum clock combines multiple atomic timekeepers
Los Angeles CA (SPX) Oct 11, 2024
Imagine a room filled with grandfather clocks, each ticking at a unique pace. Scientists at the University of Colorado Boulder and the National Institute of Standards and Technology (NIST) have created an atomic-scale equivalent of that scene. Their work may lead to new types of optical atomic clocks, which track time by measuring the natural oscillations of atoms. The new quantum clock, built from a few dozen strontium atoms arranged in a lattice, uses a form of quantum entanglement to combine mu ... read more

TIME AND SPACE
Drought forces Big Tech to rethink thirsty LatAm data centers

Materials of the future could be harvested from wastewater

New molecules switch reversibly using light and heat

Gold breaks above $2,700 to record high

TIME AND SPACE
ViaSat-3 F1 Now Providing Services to Government Customers

SWIFT marks key advancement in Lockheed Martin and Altera partnership

Northrop Grumman completes Hybrid SATCOM test with commercial space internet

BlackSky secures US Navy contract for Gen-3 Optical Intersatellite Links

TIME AND SPACE
TIME AND SPACE
GMV GSharp leads globally in precise GNSS corrections

LEO satellites hold the key to resilient, interference-free navigation

China launches two more satellites for Beidou navigation system

SpaceX launches European Galileo satellites to medium Earth orbit

TIME AND SPACE
Climate-friendly aviation milestone: turboprop emissions tested using 100 percent synthetic fuel

Airbus UpNext and Toshiba Team Up for Superconducting Motor Development

Japan PM presses China's Li on airspace intrusion

Air France says jet flew over Iraq during Iran attack on Israel

TIME AND SPACE
How to build a quantum computer that's actually useful

Taiwan's TSMC posts sharp rise in third quarter net profit

MIT team takes a major step toward fully 3D-printed active electronics

World's first zero-magnetic-field superconducting flux qubit achieved

TIME AND SPACE
Atmospheric rivers are shifting poleward, reshaping global weather patterns

American Meteorological Society offers free access to Weather Band resources

Lightning storms unleash high-energy electrons into space

First MetOp Second-Generation Satellite Completed with Sibling Undergoing Tests

TIME AND SPACE
Uganda charges three over deadly garbage landslide

India's fireworks boom ahead of Hindu festival of lights

Montenegro warns public away from Bar port over toxic metal scare

Rome to clean up its act with billion-euro trash burner

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.