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Not like clockwork

October 22, 2009

Although the world economy is once again showing signs of life, the Swiss watch industry, a barometer of high-end spending, continues to suffer as wealthy customers shun conspicuous consumption.

https://p.dw.com/p/KCgJ
Repairing a Swiss watch
Consumers are turning away from luxury Swiss timepiecesImage: PA/dpa

The Federation of the Swiss Watch Industry reported Thursday that sales fell nearly 26 percent in the first nine months of 2009 to 1.1 billion Swiss francs (730 million euros).

Sales of the most expensive watches made from precious metals such as gold and platinum suffered the worst. The value of gold watch sales plunged almost 35 percent while platinum timepiece sales dropped 58 percent.

Since the beginning of the year, exports of Swiss watches have fallen by 5.1 million units compared to the same period in 2008, the federation said.

American buyers in particular have shunned precision watches, with sales to the US falling 43 percent in 2009. The industry's bright spot is China, where sales fell only 1.1 percent thanks to a comparatively strong economy.

bn/dpa/AFP
Editor: Sam Edmonds