The Swiss watch market starts the new year on an upswing. Exports recorded a significant slowdown in the first month of the year, closing at +3,1% at 1,9 billion Swiss francs (equal to 2 billion euros). A marked slowdown compared to the 11,8% increase in the first half of 2023 and in the entire year which reached +5,6%.
As reported by Bloomberg, The number of exported models priced above 3.000 Swiss francs (3.151 euros) decreased by 4,5% in January, even as their value increased by 4,3%. Exports reached a record 26,7 billion Swiss francs (28 billion euros) in value in 2023, but the sales growth rate slumped to just 3,6% in the second half of the year due to consumer retreat. The luxury watch industry is the third largest export sector in Switzerland and employs around 60 thousand people. The high-end watchmakers, from Rolex a Patek Philippe a Vacheron Constantin, will unveil new models at the annual show Watches and wonders of Geneva in April.
