The export numbers are in for February, and if I am honest they are better than I thought they would be, but also indicate that things are heading south.
|Courtesy of the FH|
Overall exports are down by 8.7%. Keep in mind, as always, that a watch exported is not a watch sold. Curious to relate, a lot of watches went out to the US, which if reports are to be believed saw an increase of 17.8%. I'm calling bullshit on that one. Yes, the number of watches leaving Swiss Cantons bound for a recipient in the US may indeed be 17.8%. In reality? A great majority are heading, ultimately, for trans-shipment to the grey market.
You see, some things are going to start happening pretty quickly. Those of you who might occasionally purchase the odd bottle of wine will be pleased to know that there are some amazingly good deals to be had. Why? Pretty simple, with things on lock-down, companies are sitting on stock, with fewer customers and people getting nervous about spending money? Let's just say that if you thought the grey market was offering some staggeringly good deals in the past? Brace yourself, there are about to be some stunningly good deals. How good that is for the health of the watch industry is, of course, a separate conversation.
So let's see what happens.
Be well -