Swiss watchmakers notched another month of growth in September, marking five in a row. The industry's trade group said momentum came from stronger appetite in the US and across Europe.
At the low end, watches costing under 500 francs performed best. Higher priced pieces did not sit out either, with exports of models above 3,000 francs also increasing.
The US was the standout, with shipments up 86% from a year earlier, a jump that partly reflects a tariff driven drop in the prior year's comparison. Elsewhere in Asia, exports to Hong Kong and Japan rose, while deliveries to China fell.
The United Arab Emirates was another weak spot, with shipments down 9% amid ongoing geopolitical disruption.
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Citigroup's Thomas Chauvet described the pattern as "significant regional divergence." RBC's Nikolaos Lafioniatis saw the findings as a positive signal for Swatch Group AG.
The broader backdrop in China remains soft for luxury. Growth in the economy has cooled while authorities have tightened curbs on conspicuous consumption, and an LVMH Moet Hennessy Louis Vuitton report this month indicated mainland sales dropped by double digits last quarter. In plain English: demand is splitting by region and by price point, which can tilt revenue mix and margins for watchmakers with different footprints.
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