Geneva Watch Fair Ticks To Slower Rhythm After Three Boom Years

Geneva, (UrduPoint / Pakistan Point News - 9th Apr, 2024) The 2024 Geneva watch fair opens on Tuesday amid slower demand in China for fancy Swiss timepieces and more timid consumer spending across the board on luxury items.

The Watches and Wonders salon, which runs until April 15, will see 54 major watch brands show off their latest creations, including Rolex, Patek Philippe, Cartier, Chopard, Hermes and Chanel.

Formerly reserved for industry players, Swiss watchmaking's landmark event is trying to seduce a new generation of buyers by opening up to the public for three days.

Visitors during previous open days were aged 35 on average, "which is extremely encouraging", said Matthieu Humair, chief executive of the foundation that runs the salon.

Last year, Swiss watch exports broke records for the third straight year, hitting 26.

7 billion Swiss francs ($29.5 billion).

The 2020 downturn caused by the Covid-19 pandemic was quickly reversed by what financial analysts called revenge buying, with consumers using the savings accumulated during lockdowns to splash out.

However, the growth in Swiss watch exports has slowed.

Exports were up 7.6 percent in 2023, having risen 11 percent in 2022 and 31 percent in 2021.

Exports in January were up 3.1 percent compared with the same month in 2023, said the Federation of the Swiss Watch Industry.

Exports then saw their biggest year-on-year decline since the post-Covid surge, down 3.8 percent in February.