The white hot market of early 2023 feels like a fading memory, but it is worth recalling those peaks to put a 16.9% year-on-year drop in sales in April into context.
Data from Luxury Watch Barometer, which tracks point of sale data from a panel of over 2,100 jewelers, shows sales continued to deteriorate from the first quarter of 2024 with a the April result continuing a trend of falling year-on-year sales since the start of the year.
Swiss watch export data also points to a cooling market.
In the first quarter, exports to the United States were flat on the prior year, but in March, alone, exports dipped by 6.5%.
April figures from the Federation of the Swiss Watch Industry will be released on May 30.
Luxury Watch Barometer also tracks the level of inventory with retailers. With retail sales down in the first quarter and imports from Switzerland flat on prior year, inventory rose by 8% in the most recent monthly report.
Another data set, from Watches of Switzerland’s end of financial year report, showed sales rising YoY by 10% in the United States for the 13 weeks to April 28.