ZURICH: The Federation of the Swiss Watch Industry’s latest statistics confirms that Hong Kong, which had been showing signs of recovery for some time, ended 25 months of a steep decline in March to record a year-on-year rise of 18.1% in the month.
The United States continued its hesitant progression with a good monthly result of +15.6%.
The faltering recovery experienced by China since last summer was further strengthened by substantial growth of 37.7%.
The United Kingdom continued to advance, benefiting from the weak pound sterling, according to the Federation of the Swiss Watch Industry. The value of the other main European markets fell.
The ongoing terror attacks in France could also be contributing to rising tourism in London at the expense of Paris. Exports to France fell by 13.4% in the first three months of 2017, compared to the same period a year ago. In comparison, exports to the UK rose by 6.4%.
London is the engine of growth for luxury watches in the UK.
Share prices for Swatch Group and Richemont have risen sharply this week in anticipation of the latest export figures. Swatch Group’s share price is in touching distance of CHF400 for the first time since mid-2015.
