Recession time has come to Swiss watch makers as sales exports plunge by 15%. Most worrisome, this indicates softness in the larger market for luxury goods which was supposed to be a bright spot this holiday season, per the Wall Street Journal.
Swiss watch exports fell 15% in November from a year earlier to 1.52 billion Swiss francs ($1.41 billion), a steep deterioration from the drop of around 5% posted for October. November is the watch industry's most important month of the year because of the run-up to Christmas.
Although a decline had been expected, the extent of the plunge surprised market watchers. Particularly worrying were the first signs of a weakness in Asian markets and the tailing off of demand for premium products, which had been thought to be less prone to cutbacks in spending, analysts said.
My mom used to call this a 'sparse Christmas.'
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