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Swiss Watch Exports Soar: A 23% Growth Story from 2019 to 2023

Picture of Martin Dehlin

The Swiss watch industry continues to assert its dominance in the luxury market, with exports climbing 23% to reach CHF 26.7 billion in 2023, compared to 2019. As the third-largest contributor to Swiss exports annually, the figures are a testament to the enduring allure of Swiss craftsmanship.

To better understand the scale, these export numbers largely align with brand revenues, excluding sales within Switzerland. When considering retail sales figures, the export value approximately doubles to over CHF 50 billion—an astounding reflection of the global appetite for luxury timepieces.Blog images

Export Growth by Country

The growth is not just a number; it’s a trend visible across regions and nations. A closer look at the top 12 export destinations reveals:

  • USA: The standout performer, with an 88% increase in exports since 2019, adding almost CHF 2 billion.

  • Asia: As a region, Asia now accounts for nearly 50% of all Swiss watch exports, cementing its place as a critical market.

This growth underscores the strategic importance of the Asian and North American markets for Swiss watchmakers.

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A Comparative View: Exports Per Capita in the Top 15%

A fascinating perspective emerges when export volumes are compared to the top 15% of the population (assumed to represent the potential luxury watch market) in each country:

  • Hong Kong: Leads with CHF 2,094 worth of watches per individual in the top 15%, equivalent to CHF 4,188 at retail value.

  • Singapore: Follows closely with CHF 1,839 per individual (CHF 3,678 at retail value).

  • USA: Despite the remarkable 88% growth, the USA receives just CHF 82 worth of watches per individual in the top 15%, or CHF 160 at retail value.

This stark contrast highlights the varying penetration and concentration of Swiss watch exports across markets.

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Currency Impact and Beyond

Currency fluctuations further amplify the story:

  • When measured in USD, the value of Swiss watch exports would show over 33% growth since 2019.

  • Conversely, if measured in Bitcoin, the growth would appear significantly less—a playful reminder of the volatile nature of cryptocurrencies.

Final Thoughts

These statistics not only showcase the resilience and growth of Swiss watch exports but also reveal intriguing market dynamics. From Asia’s dominance to the USA’s untapped potential, the data offers insights for industry stakeholders and enthusiasts alike.

Do these trends surprise you? Share your thoughts in the comments below!
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