Top audit company Deloitte warned Wednesday that the Swiss watch sector, which has been hindered by US tariffs and declining demand in China, may find new growth engines in India and Mexico. According to the professional services behemoth’s 11th Deloitte Swiss Watch Industry Study, the iconic Swiss industry “is navigating one of the most complex periods in recent memory. The affluent Alpine nation’s third-largest export industry, watchmaking, was rocked in August when the United States, its biggest market, put 39 percent duties on Swiss goods.
Exports to China’s mainland were down 26% to two billion francs. According to Karine Szegedi, the consumer, luxury, and fashion head at Deloitte Switzerland, the business should take advantage of prospects in other nations where growth is increasing. “As a means of mitigating declines in established markets, it is imperative to tap into new growth regions,” she stated. “Young, energetic consumers can be found in nations like India and Mexico. These consumers are receptive to new ideas, which will allow the Swiss watch industry to grow its worldwide footprint over time.
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