Switzerland is in the green in 2023. Swiss watch exports surpassed their 2022 performance by 7.6%, totaling 28 billion euros for the year as a whole. The first half of the year saw growth of 11.8%, followed by a slowdown in the second half with an increase of 3.6%.
In addition, the number of employees in the Swiss watch industry rose by 7.7% in 2023, exceeding 65,000, according to the Employers’ Convention of the Swiss Watch Industry.
Growth in all markets
Swiss watch exports rose by 7.2% in 2023 – or 16.9 million pieces – compared to 2022. This growth was also reflected in the total value of watch exports, up 7.7% to 26.7 billion euros. Mechanical watches made a significant contribution to export sales growth, with an increase of 7.0%, while quartz watches grew by 12.6%. While Swiss watchmaking benefited from sustained demand in the luxury sector, this dynamic also extended to the entry-level segment.
In terms of markets, the American continent absorbed 19% of exports, Europe 30%, with Asia accounting for almost half (49%). China recorded growth of 7.6%, while Hong Kong saw a significant recovery, with an increase of 23.4% after a period of prolonged health restrictions.
The United States maintained dynamic growth, with a 7% increase in watch exports. In Europe, the main markets showed positive trends, ranging from 5.1% to 9.3%, while the Middle East grew by 6.0%.
However, the year 2024 is likely to be less dynamic for Swiss watch industry exports and employment, with forecasts indicating a continuation at a high level or a slight increase.
This editorial is taken from The Luxury Journals Special Watch issue of Luxus+.
Read also>THE EDITORIAL BY CLAIRE DOMERGUE: GEOPOLITICAL RECOMPOSITIONS IN EUROPE AND THE WORLD
Featured photo : © Luxus Plus
