Amid a continuing macroeconomic slowdown, over 40 watchmaking companies in Switzerland’s Jura region have requested reduced working hours from the government, affecting more than 2,000 employees. This request comes in response to a significant drop in watch exports. The reduction in working hours is part of a government support policy aimed at mitigating mass layoffs due to company losses. According to the Swiss Watch Industry Federation, watch exports from Switzerland fell by 3% in the first half of 2024 compared to the previous year, with a 10% drop in export quantities and a 7% decline in June alone. Additionally, the Chinese market has been underperforming, with a dramatic 18% drop in exports in May. Analysts predict that this could place performance pressure on Richemont, Cartier’s parent company, and Swatch Group, Longines’ parent company, due to their higher dependency on Chinese consumers.