Swiss watch exports started 2025 on a positive note, with overall exports up by 4.1% compared to last January, bringing the total to nearly 2 billion Swiss francs. Not bad, right? Nothing life-changing, but definitely welcome. As is not unusual these past couple of years, fewer watches were actually shipped. Just 1.1 million pieces left Switzerland’s borders, which is 4.2% less than last year. So what’s going on? Basically, while fewer units were exported, the value of what was sold increased. In simple terms, it’s the expensive stuff that’s keeping the industry afloat.
The real winners were watches made from precious metals, which saw a 9.7% increase in value, along with bimetallic models (those gold-and-steel hybrids) growing by 8.9%. Meanwhile, steel watches lost a bit of ground, dropping by 2.4%, and watches made from other materials like ceramic and titanium took a serious hit, down by a staggering 24.3% in units. It’s pretty clear that high-end timepieces are thriving, while the more affordable segment is struggling. People are still willing to drop serious cash on a nice timepiece, even with global uncertainties.
One look at the chart above tells you quite loudly: The United States were the headline act. With a 16.2% jump, it remains the biggest buyer of Swiss watches. Japan was the real surprise, with an impressive 26.2% surge. It looks like demand there is bouncing back strong. Meanwhile, China and Hong Kong had a pretty rough month. China, in particular, took a nosedive with a 29.1% decline, while Hong Kong was down by 11.7%. That’s a continuation of a downward trend that might have brands sweating a little. The usual big spenders in these regions seem to be holding back. Is it economic concerns? Changing tastes? Something to keep an eye on in the coming months.
And then there’s the price story, which tells us a lot about where the industry is heading. If you thought budget-friendly Swiss watches were making a comeback, think again. Timepieces priced over 3,000 francs grew by 7%, while those under 200 francs remained mostly unchanged. Everything in between saw declines, which raises an interesting question. Are buyers either going all-in on luxury or skipping Swiss watches altogether in favor of smartwatches?
Sounds like the way restaurants in US works, middle to low end types are facing tough times ahead due to people deciding to not eat out for these and splurge when they do go out and eat at the higher end places.