Home » For Swiss watches, 2024 begins with growth, driven by the luxury segment

For Swiss watches, 2024 begins with growth, driven by the luxury segment

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For Swiss watches, 2024 begins with growth, driven by the luxury segment

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The Swiss watch industry has started 2024 with a new increase in exports. In January, exports of Swiss timepieces amounted to 1.91 billion francs (2.01 billion euros at the current exchange rate), an increase of 3.1% compared to the same month last year. Almost all the main markets recorded a positive sign. On the European side, Italy also saw an increase. In the top ten outlet markets, only Hong Kong and Germany recorded a negative sign in the month.

These are the figures for Swiss watch exports for the ten largest markets: United States 325 million francs (+2%), China 194 million (+5%), Hong Kong 159 million (-4%), Singapore 122.8 million (+10%), Japan 122.6 million (+6%), United Kingdom 109 million (+2%), United Arab Emirates 97 million (+4%), Germany 92.9 million (-11%), France 92.6 million (+8%), Italy confirms its tenth place with 76 million (+4%). Just outside the top ten are South Korea eleventh with 58 million (+27%) and Qatar twelfth with 38 million (+118%).

The Federation of the Swiss Watch Industry (Fh) indicates that this strong increase in exports to Qatar is also linked to the fact that numerous events for the watch and jewelery sector will take place there this year.

During the month the main driving force was once again that of the high range, i.e. products priced above 3 thousand francs, which recorded a +4% in value. The medium-high range, i.e. the one with a price between 500 and 3 thousand francs, instead recorded a -0.1%. Slightly positive sign (+0.8%) for the medium range, the one with a price between 200 and 500 francs, and negative sign (-4%) for the basic range, the one with a price under 200 francs. The Swiss watch hub represents over 50% of the sector’s global turnover and exports over 90% of its production.

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The Fh data on exports are awaited every month by operators in the sector, given their nature as an important thermometer. For the whole of 2023, exports of Swiss timepieces amounted to 26.74 billion francs, 7.6% more than the previous year. The international economic slowdown and the strength of the franc, which actually makes Swiss products cost more, have not therefore stopped the progress of the Swiss hub so far. For the latter the challenge now is to be able to grow again at a good pace, after the levels already achieved.

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