Swiss watchmakers anticipate record year for sales

The Swiss watch industry looks set to break 2023 sales record. © Keystone / Salvatore Di Nolfi

The Swiss watch industry remains on track to achieve record sales this year, with October export figures showing continued growth.

In October, more timepieces were once again exported abroad compared to the same month last year, despite growing economic risks and tensions in the Middle East. The export record of the previous year is now within reach.

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In October 2023, watch exports rose by 5.1% to CHF2.39 billion compared to the previous year, as the Federal Office of Customs and Border Security and the Association of the Swiss Watch Industry announced on Tuesday. Exports grew by around 4% in September and August.

Looking at the first ten months, this still represents a plus: from January to October, watch exports increased by 8.3% compared to the previous year. There is now much to suggest that the industry will break the export record of CHF24.8 billion from the previous year.

The watch industry is recording solid growth, the watch association writes in its statement. Compared to the strong increase in the first half of the year, growth has weakened somewhat, but the industry is still growing at a high level.

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The development in the reporting month of October was primarily influenced positively by the strong increase in the “Other metals” (+14%) and “Bimetals” (+13%) categories. But exports of watches made of precious metals (+7.9%) also increased well. Meanwhile, steel watches fell by 2% compared to the previous year.

The industry has grown significantly in China (24%) and Hong Kong (+17%). In both cases, the strong increases were also due to the low previous year’s levels, which were impacted by the corona pandemic. In contrast, exports to other Asian markets such as Japan (-2.7%) and Singapore (-9.8%) fell.

The largest sales market, the United States, continued to grow well, although less strongly than in the past (+5.0%). Meanwhile, there is a mixed picture in Europe: While markets such as Great Britain (+7.7%), France (+6.2%) and Italy (+2.7%) grew, exports to Germany developed (-12% ) and Spain (-2.5%) declined.

Looking at price categories, the cheap segments with export prices of under CHF200 and between CHF200-500 were on the rise. Exports in Swiss francs increased by 17% and 11%, respectively. The reason for this is probably the popular Swatch models in the design of the luxury brands Omega and Blancpain. Exports of expensive watches (over CHF3,000) grew by 6.2%.

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