Swiss watch exports soared to a new high, with U.S. shoppers driving demand for expensive timepieces in November.
According to the Federation of the Swiss Watch Industry, Swiss watch exports totaled $2.6 billion last month, adding to the 11.9% growth the industry has seen over the past 11 months.
The industry also benefitted from increased demand in Qatar, where retailers stocked their inventory with expensive watches leading up to the World Cup. As a result, total exports to Qatar soared to $38.8 million, marking a 112% increase compared to the same time period last year.
The increased demand helped offset the slowdown in China, where lockdowns and weakened consumer sentiment have resulted in a lack of demand. This shift has seen China now ranking as the second largest market for Swiss watchmakers and the U.S. ranking as number one, Bloomberg reported.
In the U.S. market, demand for luxury watches has grown thanks to high-income consumers, who are continuing to spend money on brands such as Omega, Patek Philippe and Rolex, resulting in a 15.7% increase in demand for watches that are priced at more than $3000.
