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Beleaguered Swiss watch industry calls for political support

Published on September 17, 2024

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Beleaguered Swiss watch industry calls for political support — Keystone-SDA

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The watch industry in Switzerland is going through difficult times. Global demand for Swiss watches is falling and the strong franc is putting pressure on manufacturers. The industry is sounding the alarm.

This content was published on September 17, 2024 - 11:41

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In a joint press release issued on Tuesday, the Federation of the Swiss Watch Industry (FH) and the Confederation of Watch Industry Employers (CP) called on the authorities to support the export industry. Concrete measures are needed to strengthen the competitiveness of the watch industry and preserve the economic stability of the export industry.

+ Chinese slump hits luxury watch industry

At present, suppliers and manufacturers of timepieces in the lower and medium price segments are suffering most from the market downturn and the strong franc, it said.

Lay-offs have started

The consequences for the industry are serious, the industry associations continued. Of the 700 companies with around 65,000 employees, many have already resorted to short-time working, extended their summer vacation periods or have even laid off employees. In addition, future developments are difficult to predict, with no prospect of improvement in the short term.

+ Six things you should know about the watchmaking industry

The associations are calling for action: the Swiss National Bank (SNB), for example, has sufficient leeway to intervene in the foreign exchange market and weaken the franc. They are also calling on the federal government to improve the framework conditions. In this context, the associations welcome the progress made in free trade with China, India and the Mercosur states (Argentina, Brazil, Paraguay and Uruguay).

The administrative burden on companies should also be reduced, they added. This must remain the goal of the federal government, cantons and municipalities so that companies can concentrate on their core business.

Translated from German by DeepL/mga

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

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