Swiss watch industry exports decreased by 2.8% in 2024 compared to 2023.
In the first half of 2024, which experts predicted to be a stagnant year for Swiss watchmaking, a 3.3% decrease was observed compared to the first six months of the previous year. Stagnation continued throughout the year and a sharp decline was recorded in December, as 5.4% compared to December 2023. While the total sales figure for the whole year was 26 billion Swiss francs, Swiss watch exports recorded a decrease of 2.8% compared to last year.
In 2021 the Swiss watch exports recorded all-time high export figures; Jean-Daniel Pasche, President of the FH, stated that 2022 had been excellent for the industry, and reports for 2023 displayed 7.6& increase. In 2024, for the first time after a couple of years, a stagnation is recorded in the Swiss watch exports.
Throughout the year, 15.6 million watches were exported, which is 1.6 million fewer than last year. There was also a 15.6 percent drop in exports of watches priced under 3,000 francs. Although there was a 1 percent increase in sales of watches in the higher price segment, this small percentage did not make a difference to the overall decline in the figures.
While the Chinese market continued to decline, the most dynamic market of the year was the United States. Watch exports to the US market increased by more than 5 percent in 2024 compared to the previous year. The US market, which has shown steady growth for four years, ranked first in 2024. China ranked second with a 25 percent decrease compared to 2023, while Hong Kong ranked fourth with an 18 percent decrease.
The Federation states that the recovery in the sector will largely depend on the Chinese market. The forecast in the report suggests that the downward trend will continue into 2025. Among the Swiss Watch Federation’s 2025 predictions is the expectation that significant discrepancies in figures will be observed across different players in the industry throughout the upcoming year.
