Swiss watch exports to UAE down 7pc in 2015
DUBAI—Swiss watch exports to the UAE ticked down 7 percent last year, as a shaky economic outlook worldwide sinks demand for the luxury timepieces. The figure is due to low oil prices, unfavorable currency exchange rates in Russia, Europe and China, and a drop in the gold price, according to UK-based market research firm Euromonitor.
The UAE, well-known for its malls packed with luxury stores and wealthy elites flaunting bejeweled wrists, represents the ninth-largest market for Swiss watches. Last year, total exports of Swiss watches to the UAE reached close to $1 billion, according to the industry’s main trade group.
But a slow 2015 has had a “ripple effect” into this year, said Euromonitor analyst Amna Abbas. The industry has also taken a hit from increasingly budgetconscious UAE consumers and changing tourist demographics.—Agencies