The Swiss watchmaking industry experienced a year of significant contrasts in 2024, marked by varying performances across its main markets and key players. Overall, Swiss watch exports declined by 2.8% compared to 2023, reaching a total value of 26.0 billion francs. This downward trend, observed throughout the year, followed three years of steady growth, indicating an economic slowdown in demand for luxury personal items, particularly among aspirational customers.
Market Performance
The United States reinforced its position as the leading market for Swiss watches, with exports increasing by 5.0% compared to 2023. The Asian market, however, faced challenges, with China experiencing a significant contraction of 25.8%, exceeding the downturn observed during the COVID-19 pandemic. Hong Kong also faced a decline of 18.7%, resulting in a loss of its third-place position in the global ranking. Japan emerged as one of the most dynamic markets, with exports rising by 7.8%, driven by tourist purchases.
The European market remained relatively stable, with the United Kingdom, France, Germany, and Italy experiencing minor fluctuations. North and South America demonstrated the most substantial growth, with exports increasing by 5.4%.
Product Performance
Watches constituted the majority of exports in the Swiss watchmaking sector, although their total value declined by 2.8% compared to 2023, reaching 24.8 billion francs. The number of exported watches decreased by 9.4%, reaching a historically low level of 15.3 million units. While the higher price segment (watches priced above 3,000 francs) experienced a slight increase of 1.0%, it was insufficient to offset the decline in the lower price segment (watches priced below 3,000 francs), which saw a 15.6% drop in export turnover.
Outlook for 2025
The recovery of the Swiss watch market in 2025 hinges on the outlook in China, where uncertainty persists. While a complete turnaround is not expected, the decline is projected to be less pronounced. The disparities between different players in the sector are likely to persist, with some companies continuing to outperform others.
Source:
Swiss watch exports in 2024: Poorer performance than in 2023, with significant disparities. (2025, January 30). Fédération de l’industrie horlogère suisse FH.