Winding Up For A Comeback: UBS Eyes Rolex Recovery Cycle 

A team of UBS analysts led by Zuzanna Pusz pointed to new June data from the KOF Swiss Economic Institute showing deteriorating sentiment across Swiss watchmakers, further validating their cautious stance on the global luxury market.

June readings from the KOF Swiss Economic Institute (monthly survey of Swiss watch producers) show that expectations of production plans over the next three months decelerated m/m to -7.3 (restated May -5.5). Additionally, sentiment on expected orders over the next three months also decreased to -14.8 (May -10.7), the second lowest point in 2025ytd. -Pusz