16%: Decline in Swiss watch sales
Exports of high end Swiss watches are considered a good bellwether for the luxury goods sector and the latest data is pretty alarming.
Monthly sales fell by 16% in October, the biggest drop in seven years. ‘Hong Kong continues to be weak (-22%) and the US sequentially declining to -17% (September +5%) maybe due to cautious purchasing ahead of the US elections,‘ says investment bank UBS
Continuing pressure on the luxury space is potentially bad news for the likes of shoemaker Jimmy Choo (CHOO), trench coats-to-cashmere scarves seller Burberry (BRBY) and handbag maker Mulberry (MUL:AIM).