Swiss watch exports saw a decline of 5% year-on-year in December, driven by weak demand in the luxury segment, especially in China and Hong Kong, and a downturn in all major markets.
The Federation of the Swiss Watch Industry reported that shipments of luxury timepieces totaled CHF 2.03 billion ($2.24 billion). Orders from nearly all of the top 15 markets showed a decline, with only four markets showing positive results.
“All four of the top export destinations saw a drop in December,” the federation explained. “The US recorded a slight downturn for the first time in six months, while Hong Kong moved up to second place with a smaller decline than previous months. China continued to experience poor performance, and Japan saw a significant reduction due to a base effect. Among the top 15 markets, only the UAE, UK, Spain, and Australia saw positive results.”
Exports to the US slipped by 1% to CHF 345.7 million ($380.8 million), while shipments to Hong Kong dropped by 6% to CHF 159.1 million ($175.3 million). Exports to China fell sharply by 19% to CHF 151.2 million ($166.6 million), and sales to Japan declined by 13% to CHF 137.8 million ($151.8 million).
The downturn affected timepieces across all price ranges. Watches priced above CHF 3,000 ($3,305) saw a 5% drop, while those priced between CHF 500 ($551) and CHF 3,000 declined by 1.8%. Watches priced between CHF 200 ($220) and CHF 500 fell by 13%, and those below CHF 200 dropped by 5%.
For the entire year of 2024, Swiss watch exports totaled CHF 25.99 billion ($28.65 billion), marking a 2.8% decline. The decrease was attributed to various global socioeconomic factors affecting luxury demand.
However, there were some positive results for specific markets. Exports to the US increased by 5% to CHF 4.37 billion ($4.82 billion), while exports to China dropped by 26% to CHF 2.05 billion ($2.26 billion). Japan saw an 8% increase to CHF 1.97 billion ($2.17 billion), while shipments to Hong Kong fell by 19% to CHF 1.91 billion ($2.11 billion).