Swiss watch export in 2024: a year of contrasts

Swiss watch export in 2024: statistics and market trends. Outlook 2025.

The Swiss watch industry experienced stark contrasts in 2024, both in market trends and company performance.

Export statistics only partially reflect the disparities between watch brands and offer no direct insight into subcontracting, which remains primarily focused on the Swiss market.

Overall, Swiss watch exports fell by 2.8% compared to 2023, reaching CHF 26.0 billion. The decline was steady throughout the year, following three years of growth and signaling weaker demand for luxury goods, particularly among aspirational buyers. Competition intensified in the entry-level and mid-range segments, with only a few models performing well enough to boost results.

Many watches saw declines far exceeding the 2.8% average, particularly due to falling demand in China and Hong Kong. This downturn also impacted suppliers, leading to fewer orders for subcontractors. While employment was maintained in 2024, thanks to measures like reduced working hours, future recovery depends largely on the uncertain outlook in China.

Export volumes dropped to 15.3 million watches from 16.9 million in 2023. Timepieces priced under CHF 3,000 saw a 15.6% drop in export value, while the high-end segment grew slightly (+1.0%), though not enough to offset the overall decline. Steel watches lost 9.8% in value, whereas precious metal models rose by 2.2%, mainly due to price increases rather than volume growth (-5.1%).

Regional Performance

• North & South America: The most dynamic market (+5.4%), accounting for a fifth of total exports.
• Asia: Down 7.6%, with China and Hong Kong driving the decline. Japan (+7.8%) rose to third place, fuelled by tourism, while Singapore (-2.1%) aligned with the global average. South Korea (+8.7%) rebounded from 2023’s decline.
• Europe: Stable (-0.1%), with major markets fluctuating within a narrow range: UK (-1.6%), France (+2.5%), Germany (-3.8%), and Italy (-1.6%).

While the downturn may ease, Swiss watch exports are expected to remain on a downward trend, with widening gaps between industry players.

(Source: Federation of the Swiss watch industry FH)