Swiss luxury watch market hit hard by China-led slump

Sales of Swiss-made luxury watches are in sharp retreat as nervous consumers reconsider splashing out on expensive timepieces and demand slumps in one of the industry’s key markets. Fresh numbers this week from Switzerland’s two largest publicly traded watchmaking conglomerates, Richemont and Swatch Group AG, confirmed a brutal, China-led pullback that’s also tarnished luxury fashion brands from Burberry Group Plc to Hugo Boss and Gucci. The double-digit drop in sales seen in the latest results mark a stunning reversal of fortune for an industry that enjoyed an unprecedented sales boom during the pandemic-era. Back then, cash-flush clients, unable to spend on travel and dining out and inspired by flashy social media posts, plowed money into expensive mechanical timepieces. + Six things you should know about the watchmaking industry Most of the top watch brands responded to the surge in demand by raising prices, some by double digits. That prompted some consumers to reconsider ...