The latest annual report produced by Morgan Stanley with LuxeConsult on the players in the Swiss watchmaking industry reveals a two-speed evolution. While ultra-luxury is progressing, entry-level and mid-range products are suffering.
The year 2024 was not a flourishing one for Swiss watch exports.
According to the Federation of the Swiss Watch Industry, exports of Swiss timepieces actually fell by 2.8% to 25.9 billion francs ($28.5 billion) last year. In terms of volume, the decline was even more pronounced, at -9.4% to 15.3 million pieces, or 1.6 million units less than in 2023.
But in their latest annual report on the Swiss watch industry for 2024, published in February 2025, Morgan Stanley and LuxeConsult wanted to go beyond the figures and this rather discouraging overall observation.
Two-speed evolution
They have already highlighted a two-speed evolution, that of high-end luxury players on the one hand, and that of entry-level and mid-range players on the other.
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Read also > Swiss watch exports declined in 2024
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