A slump in watch demand from China and the Middle East has caused a £130m reduction in the value of Swiss watch exports in July.
As a result of the Swiss dominance of the market for timepieces from companies such as Rolex, Swatch and TAG Heuer, watch exports can be used as a good barometer of consumer confidence in different parts of the world.
The main Asian markets all reported sluggish Swiss watch sales in July.
Overall, sales in Asia were down by 21.4%, with China responsible for most of this decline.
Consumers in the world's second largest economy bought nearly 40% fewer Swiss watches than it did last year.
However, the figures from the Federation of the Swiss Watch Industry do not take into account the recent yuan devaluation in China.
The weaker currency will make imports more expensive for the Chinese, which is likely to dent watch sales further.
This, together with the fact that the Chinese stock market has lost nearly a third of its value since early June, is expected to continue to weigh on demand in the coming months.
Swiss exports this year were hampered by the Swiss central bank's decision to abandon its currency ceiling with the euro in January.
This decision caused the franc to rocket in value, making exports from Switzerland relatively more expensive.
Across all countries, mid-range watch exports were the worst affected, with those costing around the £200 mark falling by nearly 15% in July.
In addition to the Chinese slowdown, watch demand from the United Arab Emirates and South Korea was also subdued, with sales to these countries falling by 30% and 20% respectively.