Interesting chart from JPMorgan showing monthly Swiss watch export growth.
What’s pretty interesting is the geographic breakdown.
US = strong! Asia = mediocre.
Ticking up. Surprisingly, the US saw its first uptick in trends in five months posting 26% growth (vs. 6% in November). In Europe, the biggest surprise was Italy, which saw an 18% increase (vs. -13% in November), followed by the UK which increased 16% (vs. 2% in November).
Winding down. One of the more interesting data points out of the strong monthly read was the weaker results out of Hong Kong and China (up just 21% and 29%, respectively). This was the first < 40% number out of China in 10 months. We note that this could be a function of the earlier Chinese New Year (in January vs. February LY) as that may have impacted timing of shipments.