Watch industry took a hammering in May
The latest figures for Swiss watch exports show an accelerating decline in international sales, with the May figures down 27.6 per cent on last year.
Manufacturers reported sales of SFr1.1 billion ($1.01 billion) in the month of May, bringing the 2009 total to SFr5 billion, one quarter less than the same period in 2008.
The Federation of the Swiss Watch Industry said the upper price bracket of over SFr3,000 was the worst affected, crumbling by more than 35 per cent in May.
Sales to the United States led the dramatic fall, dropping 42.7 per cent in the month under review, while Japanese demand shrunk by 30 per cent.
Hong Kong, the largest export market for Swiss watches, saw a 26 per cent drop in sales.
Earlier this month leading Swiss watch firm Franck Muller of Geneva cut almost half of its workforce, while Neuchâtel-based Zenith slashed 70 jobs out of 250.
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