All the price segments were affected by the reduction reported in September but to varying extents. Watches priced between 200 and 500 francs (export price) showed the steepest fall, while the 500 to 3,000 francs range was down very slightly.
For the second time this year the United States was the leading market for Swiss watch exports. This ranking is explained by growth of 4.7% against September 2015 and a very pronounced fall in Hong Kong which posted its biggest contraction of the last 20 months (-39.6%). Japan returned to growth after six months of falling sales, while China remained stable. In Europe, the United Kingdom benefited once again from the consequences of the Brexit vote and reported a third month of steeply rising sales. On the other hand, exports to Italy, Germany and France were substantially lower. The full report is here.
Interesting that the ‘200 and 500 francs’ watch sector is suffering the most, but this could be down to a variety of factors. Smart watches (unlikely at this stage), the reliability of budget watches made in the past decade and people using phones to tell the time feel most likely to me.