Swiss watch exports hit a record high in November as Americans bought luxury timepieces with demand from China witnessing a slump, reported Bloomberg on Tuesday.

Shipments rose 10.9% to a monthly record of 2.4 billion francs ($2.6 billion) last month, according to the Federation of the Swiss Watch Industry, reported Bloomberg. Exports totaled 22.9 billion francs from January to November, an 11.9% rise, and keeping it on track for the industry's best-ever year.

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Retailers in Qatar stocked up on expensive watches ahead of the World Cup, the report added, with exports reaching 112% to 36 million francs compared to the same month last year.

Demand for more expensive watches drove demand with timepieces priced above 3,000 francs rising 15.7% by value. Exports of Swiss watches priced below 200 francs rose 15.6%, likely led by shipments of Swatch Group AG’s popular Omega MoonSwatch collaboration.

Swiss watch exports at near-record levels as industry booms

However, exports of watches priced between 200 francs and 500 francs plunged 30% as value-priced Swiss timepieces became unpopular.

The development comes as demand for luxury watches rose to unprecedented levels during the pandemic and after as cash-rich consumers from the United States invested in premier Swiss brands such as Rolex, Omega, Patek Philippe among others, while relegated to their homes. It was earlier reported in August that Swiss watch exports reached record levels in July with prices reaching their highest values in eight years.

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