Swiss Watch Exports Drop By 2.8%, According To The Federation Of The Swiss Watch Industry

Swiss watch exports declined 2.8% year-on-year, according to annual export figures released by the Federation of the Swiss Watch Industry (FH) for the year ending December 2024. The top 30 markets for Swiss watch exports that account for about 93% of the total export value, imported 25,993 million CHF of watches in 2024 as compared to 26,748 million CHF in 2023.

China and Hong Kong recorded the steepest decline in Swiss watch imports, falling nearly 26% and 19% year-on-year, respectively. However, despite the downturn, China remains among the top three markets for the Swiss watch industry, a distinction it has held for nearly a decade. In fact, in 2023, both China and Hong Kong showed a promising recovery post-covid, with imports rising 7% and 23% over 2022. However, as economic conditions in the region failed to improve in 2024, demand for Swiss watches also weakened.

Japan surpassed Hong Kong as the third-largest importer, driven by a surge in tourist traffic and spending, boasted by a weak yen. In 2024, Japan welcomed record breaking tourist inflow making it one of the hottest travel retail destinations in the world.

The U.S. and Japan were the strongest markets supporting Swiss watch demand in 2024, with the U.S. maintaining its position as the top importer, driven by favorable economic conditions. The U.S. imported 5% more watches by value in 2024 compared to 2023. However, while it retained its number one spot, the growth was slower than the 7% year-on-year increase the U.S. recorded in 2023.

India and Mexico emerged as the fastest-growing markets for Swiss watch exports in 2024. India led the growth with approximately 25% increase over 2023 and a 46% jump compared to 2022. Mexico too recorded a notable hike of 16% in import of Swiss watches as compared to 2023.

In India, several complementary factors fueled the demand for Swiss watches. Over the past 5 years, India has witnessed a steady increase in its affluent population and their disposable income. Additionally, shifting attitudes of Indian consumers toward spending on premium and luxury goods have contributed to this growth. The expansion of watch retail networks across India has further strengthened demand.