Swiss watch exports on track for biggest decline in 80 years

Swiss watch exports are heading for their biggest annual slump in 80 years as the pandemic upended tourism and demand for luxury goods.

Exports have plunged 26% in the first 10 months of the year, according to the Federation of the Swiss Watch Industry. Shipments fell 7.1% to 1.9 billion francs ($2 billion) in October, the smallest percentage decline in nine months.

While China has bounced back thanks to strong domestic demand, markets across Europe are still suffering. A resurgent virus has led to new restrictions, suggesting “a somewhat pessimistic outlook for the next few months,” the federation said in the statement.