The watch export numbers only got worse in March. Following a decline in exports by 9.2% last month, watch exports further tumbled by 21.9% coming in at CHF 1.4 billion. COVID-19 really took hold of world economies and had incredible effects on watch exports. Many countries saw double digit declines in watch exports.

The 12 month moving average continued its journey south resting at around 0%. The watch exports over the last 12 months have been trending towards this level.

Stainless steel watches saw an extremely large decline in exports at -29%. These sharp declines were most likely from the incredible demand for steel watches. Many collectors are like to collect steel watches and because of the economic slowdown, these collectors are not buying. Interestingly, gold-steel watches were up by +0.7% - not a bad result for two tone watches that often have received criticism. It would have been interesting to see if solid gold watch exports increased as gold has been on the rise due to market uncertainty.

All watch price categories saw major declines in their export volume and value. Total units sold fell by -43% and value declined by -21%. The biggest hit price segment was between CHF 200-500 decline -55% in units and -54% in value. Double digit declines for value and units really shows the economic impact that COVID-19 has had on watches this last month.

The main markets remained fairly similar to last month, with the United States leading the pack with over 20% increases in exports. We feel these positive results for the USA and the two other countries at the top of this last many have to do with the deeply discounted watches that retailers could pick up. It also may have to do, in the case of the USA, that the pandemic had not completed hit the country early in the month of March.

But it is not all doom and gloom - we did see an over 1000% increase in watch exports for the country of Ireland!

April Predictions

The impact of COVID-19 has not let up during the month of April. Economies have continue to be hit by the virus that has spread rapidly. We predict a further decline in exports, especially with the fact that many watch manufactures in Switzerland shut down operations. With no watches being create, there will be no watches to export.

Enjoy!