Geneva watch fair ticks to slower rhythm after three boom years

Geneva: The 2024 Geneva watch show opens in China as demand for Swiss luxury watches slows and consumers turn to luxury goods.
Running until April 15, the Watches and Wonders show will feature the latest creations from 54 major watch brands, including Rolex, Patek Philippe, Cartier, Chopard, Hermès, and Chanel.
Previously reserved for industry players, a major event in Swiss watchmaking is trying to attract a new generation of buyers by remaining open to the public for three days.
Matthieu Humair, chief executive of the fund, which runs the salon, said visitors on previous open days were on average aged 35, “which is very impressive”.
Last year, Swiss watch exports reached 26.7 billion Swiss francs ($29.5 billion), setting a record for the third consecutive year.
The 2020 recession caused by the Covid-19 pandemic was quickly reversed by what financial analysts called revenge buying, as consumers began to use savings accumulated during pregnancy.
However, growth in Swiss watch exports has slowed.
Exports are expected to increase by 7.6 percent in 2023, 11 percent in 2022, and 31 percent in 2021.
Exports rose 3.1 percent in January compared to the same month in 2023, the Swiss Watch Industry Federation said.
Exports posted their biggest annual decline since the post-Covid boom in February.