Photo: Courtesy HODINKEE
The latest Swiss watch data from JPMorgan’s Ike Boruchow and Brian J. Tunick is out.The gist is: Awesome growth at the top end. No growth below that.
In this edition of The Monthly Time Tracker we are writing on March’s industry exports which increased 15.2% – indicating another month of solid growth, with some mixed results across key global markets. March’s strong results were below February’s 19.7% rate despite easier comparisons (lapping an 11% vs. an 18% last month). Growth continues to be much more pronounced in the higher price strata, as > 3,000 francs were up 20%+, while< 3,000 francs were essentially flat.
Ticking up. Most of the acceleration in March was surprisingly driven by robust growth in the US. The US posted a material increase of 43% (vs. 9% in Feb). We note, however, that this month’s robust increase is on top of an extremely easy -10% compare, but a solid number nonetheless. Improving from its negative rate last month, the UK posted an 18% increase in March (vs. -9% in Feb). Also, Singapore and Japan posted sequential upticks to 22% and 47%, respectively (vs. 6% and 9%
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