In a remarkable achievement, Swiss watch exports have achieved a record-breaking performance for the third consecutive year in 2023, witnessing a substantial increase of 7.6 percent, amounting to 26.7 billion Swiss francs ($31 billion), as reported by an industry group.
The boost in exports can be primarily attributed to the thriving sales in their largest market, the United States, where they registered a remarkable 35.1 percent increase over the course of the year, according to the watchmakers’ federation.
Conversely, exports to China experienced a decline of 6.9 percent, despite a slight uptick toward the end of the year. The federation acknowledged that Swiss watchmaking has reaped the benefits of consistent demand in the luxury goods sector.
However, there is a cautious outlook for 2024, with expectations of a relatively calmer year for both exports and employment figures in the sector. The results are anticipated to either remain at high levels or see only modest growth.
In 2023, Swiss watch exports also exhibited robust growth in other key markets, including Hong Kong (up 15.2 percent), Japan (up 26.8 percent), and the United Arab Emirates (up 11.8 percent). Nevertheless, certain regions witnessed declines in Swiss watch imports, such as the UK (down 12.1 percent), Singapore (down 7.4 percent), Germany (down 2.3 percent), and South Korea (down 3.0 percent).
Swiss watch exports demonstrated remarkable resilience, rebounding swiftly after the challenges posed by the Covid-19 pandemic, setting records in 2021 and 2022. These impressive sales figures were driven by the phenomenon of “revenge spending,” where consumers indulged in luxury purchases as lockdowns and restrictions eased.
The Swiss watch industry continues to command a strong presence in the global market, with a consistent demand for its luxury timepieces.