CLAIRE DOMERGUE’S EDITORIAL: Swiss watch exports reach a new record in 2023

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

Picture of Claire Domergue
Claire Domergue
Founder and director of the publication Luxus +, Claire Domergue is a specialist in luxury marketing. Before founding the news media specializing in the luxury economy, Claire Domergue worked for more than seven years in the field of communication for the big names in the sector.

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