Editor’s Note
This analysis examines the Swiss watch industry’s pivotal 2024 performance, which saw a 2.8% export decline to CHF 25.9 billion, signaling a consolidation phase following record years. The data underscores the sector’s cyclical nature and evolving market dynamics.
The year 2024 marks a significant turning point for the Swiss watch industry, an emblematic sector of Swiss excellence. After an exceptional period characterized by record performances in 2022 and 2023, the sector recorded a notable decline in 2024. According to the latest statistics from the Federation of the Swiss Watch Industry (FH), exports decreased by 2.8% to reach 25.9 billion Swiss francs, a figure that indicates an important phase of consolidation.
In a globally challenging context, the American market stands out for its remarkable resilience. Exports to the United States show positive growth of 5% in 2024, a performance directly attributable to the continued strength of the luxury sector in this market. This progress underscores the strategic position of the United States as a major outlet for high-end Swiss watches. The opening of an increasing number of retail outlets has directly contributed to this growth.
The Japanese market emerges as one of the success stories of 2024, with a spectacular 7.8% increase in Swiss watch exports. This growth is explained by two main factors clearly identified in the data: favorable exchange rates and a significant recovery in tourist activity. This performance confirms Japan’s position as a key market for the Swiss watch industry.
The European market demonstrates remarkable stability with a minimal decline of 0.1% in 2024. This near-stability in a complex economic environment testifies to the resilience of the European market for Swiss watches.
The year 2024 proved particularly difficult in the Chinese market, with a drastic 25.8% drop in exports. This significant contraction is attributed to local economic uncertainties and a notable shift in Chinese consumer behavior. Hong Kong follows a similar trajectory with an 18.7% decline in exports, confirming the difficulties encountered in traditional Asian markets.
India emerges as a promising market with exceptional growth of 25.2%.
In terms of volume, exports fell by 14.5% compared to the previous year, confirming the trend towards higher-end luxury watches. Major watch groups, such as Richemont and LVMH, show mixed results, and the secondary market continues to correct with a 5.7% drop in prices. Persistent challenges, such as the strength of the Swiss franc and inflationary pressures, remain major issues for the future of the sector.
