We examine the top 20 Swiss watch brands in the watch world that closed 2023 with a 7.6 percent increase in export figures.
In our previous article about Swiss watchmaking, we wrote that Swiss watchmaking closed 2023 with an export value of approximately 31 billion dollars, up 7.6 percent compared to the previous year. By price category, wristwatches over 3,000 Swiss francs accounted for 92 percent of export turnover, while those over 200 francs accounted for 83 percent.
Rolex, whose total exports exceeded 10 billion dollars in 2023, was leading the list. Rolex was followed by industry giants such as Cartier, Omega, Audemars Piguet and Patek Philippe. One of the remarkable brands of the top 20 was undoubtedly Swatch. With over 2 million MoonSwatch watches sold, Swatch ranked 13th. Swatch has been in the top 20 for the first time since 2018. Other brands in the top 10 were Richard Mille, Longines, Vacheron Constantin, Breitling and Tissot. Tissot moved up two places to 10th place, while IWC dropped one place in 2023.
How Did the First Quarter of 2024 Go in Swiss Watchmaking?
The Swiss Watch Federation’s predictions for this year were that 2024 would be quieter in terms of exports. And so it was; the federation reported a sharp decline in its March report. The figures showed a 16.1 percent drop compared to March 2023. In the first quarter of the year, Swiss watch exports fell by 6.3 percent compared to the first quarter of last year. Declining demand in China and Hong Kong is considered to be highly influential in this decline.
Declines in exports were observed in all price segments. Export sales of watches priced above 3,000 francs fell by 9.9 percent, while the segment below 500 francs reported an almost double decline of 18.8 percent. For the Chinese market, the 41.5 percent decline was below the level of March 2020, when the industry virtually ground to a halt.
