And shifting global demand
Swiss watch exports declined by 2.8% in 2024 compared to the previous year, reaching 26.0 billion Swiss francs (CHF), as weak demand in Asia, particularly in China and Hong Kong, impacted the global market. The decline marks a notable shift for an industry that had previously demonstrated steady recovery since the pandemic years.
The decline was broadly consistent across all four quarters of 2024, according to data released by the Federation of the Swiss Watch Industry (FH). The fall reflects weakening demand for mid-range and lower-priced watches, as well as broader macroeconomic uncertainty in key markets, including parts of Asia and Europe.
While the United States remained a bright spot, growing 5.0% year-on-year and reinforcing its position as the largest market for Swiss watches, exports to China plummeted by 25.8%, one of the steepest annual drops since the Covid-19 outbreak. Hong Kong followed closely with an 18.7% contraction. The two markets combined accounted for a substantial share of the global downturn.
Asia, which represents nearly half of all Swiss watch exports by value, experienced a regional decline of 7.6% in 2024. This slump weighed heavily on global performance, offsetting growth in North America (+5.4%) and a relatively stable European market (-0.1%).
Volume and value decline
The number of watches exported from Switzerland in 2024 decreased significantly, down 9.4% compared to 2023, totalling 15.3 million units. This marks one of the lowest volumes recorded in recent history. The average export price rose to $ 1,837, highlighting a continued emphasis on high-end timepieces over mass-market models.
Watches priced below CHF 3,000 saw a sharp decline in turnover, dropping 15.6% in value. In contrast, timepieces in the luxury segment—exported at prices above CHF 3,000—rose by a modest 1.0%, although this increase was insufficient to offset the broader losses.
Mechanical watches continued to dominate the market, with a slight 2.0% increase in value, while electronic watches declined by 3.5%. However, mechanical units also declined in volume, reinforcing the trend towards exclusivity and higher margins in the face of falling global sales.
Steel watches under pressure
Watches made of steel, one of the industry’s largest categories, posted a 9.8% drop in value and a 7.0% fall in unit exports. Precious metal watches experienced a slight increase in value (+2.2%) despite a 5.1% decline in volume, primarily due to higher average prices per watch.
Other materials and metals performed poorly, with exports of watches made from ‘Other metals’ down 16.2%, and those from ‘Other materials’ declining by 12.2% in volume.
Japan rises, the UK and Europe are mixed
Japan emerged as one of the stronger markets in 2024, growing 7.8% on the back of increased tourist purchases. The country replaced Hong Kong as the third-largest destination for Swiss watches. South Korea also performed well, up 8.7%, aided by a favourable base effect following a weaker 2023.
The United Kingdom, Switzerland’s fifth-largest market, saw a slight contraction of 1.6%. France (+2.5%) bucked the trend, while Germany (-3.8%) and Italy (-1.6%) posted modest declines. The contrasting results across Europe suggest ongoing economic pressures and consumer uncertainty, although the region largely maintained its position in terms of total export value.
Middle East and Africa
Although not detailed in the core dataset, the Middle East and Africa remain important emerging markets for Swiss watchmakers, particularly luxury brands. These regions have shown resilience in previous years, driven by high-net-worth individuals and strong demand for prestige goods. As demand softens in Asia and plateaus in Europe, Swiss manufacturers are likely to shift more attention to the Gulf Cooperation Council (GCC) states, including the UAE and Saudi Arabia.
Dubai, already a regional hub for luxury retail and watch fairs, may play a growing role in stabilising export flows, especially in the high-end watch segment.
China and value concentration
Globally, Switzerland continued to dominate the watch export market, with a total of $29.5 billion in 2024, representing over half of all global exports by value. However, its performance contrasts starkly with that of China, which exported watches worth $ 5.0 billion, a 5.4% increase in local currency terms.
Chinese exports, which surged by more than 11% in volume to nearly 600 million units, underscore a widening gap between mass-market and luxury segments. The average export price of a Chinese watch remains around $4, compared with Switzerland’s $1,837.
Notably, Chinese watch exports to Russia jumped by 564.8% in 2024, reflecting shifting trade routes and geopolitical realignments. The Middle East may also see increased inflows of Chinese watches, especially in the lower and mid-market ranges, further diversifying consumer choice in the region.
Broader consumption shifts
On the import side, the United States continued to lead as the largest watch-importing country, with imports increasing by 9.1% to $ 7.6 billion. France also posted moderate growth (+2.0%), while Japan recorded a sharp rise of 16.5% to reach $3.6 billion in imports, mirroring its increasing demand for Swiss-made watches.
Hong Kong’s imports dropped by 9.3%, while China’s fell even more dramatically, down 22.7%. This fall reflects sluggish domestic consumption, regulatory pressures, and a pivot toward local or non-Swiss brands.
Switzerland itself reduced its imports by 7.2%, aligning with the broader slowdown in production and exports.
Outlook for 2025
The outlook for the Swiss watch industry in 2025 remains uncertain. With demand cooling in Asia and key European markets, watchmakers may need to adapt to a changing global landscape. The sustained strength of the US market offers some optimism, while new growth opportunities may lie in Africa and the Middle East.
The statistics released by the FH reflect export data rather than actual consumer sales. As a result, discrepancies may exist between export volumes and end-user purchase figures.
Image: The number of watches exported from Switzerland in 2024 decreased significantly, down 9.4% compared to 2023, totalling 15.3 million units. Credit: Grandslam
