Exports of Swiss watches surged at the start of 2011 due to the strong sales in the United States, France, and China at 30.3%, 40.7%, and 20.8% respectively. These figures are released by the Federation of the Swiss Watch Industry FH. Worldwide, the sales of Swiss watches increased by 14.6% compared to a year ago. One interesting facet is that sales in Hong Kong, which is normally a large market for the luxury timepieces, suffered some weakness. It is down by 6.1% from last year.
The Wall Street Journal, however, attributes this possibly to the earlier start of the Chinese New Year this year. A number of buyers might have brought watches earlier; 2011 sales records also face tough comparison with the 2010 figure.
Despite all these, it is expected that the Asian market particularly China, Hong Kong, and Singapore will continue to experience sales increases. Swiss watches, in many parts of Asia, are regarded as status symbols that people who “had arrived” must have. And with booming economies all over the region, there is no doubt that watches will get a share of pie. It is predicted that Swiss manufacturers will have a record year in 2011 as demand for their exquisitely functional products increases.