Swiss watch exports fell by 2,8% in 2024, reaching a value of 25,9 billion Swiss francs (around 27,4 billion euros). The decline was mainly due to the decline in sales to China, which fell by more than 25%. After reaching a record high in 2023, exports continued to decline throughout the year, with a particularly sharp decline in December, according to data released by the industry association. In the last month of the year, sales fell by 5,4%, to 2 billion francs.
The luxury sector was affected by the reduction in demand in China, caused by the economic slowdown, the difficulties of the real estate sector and the increase in unemployment among young people. Exports of Swiss watches to China fell by 25,8% in 2024, while those to Hong Kong fell by 18,7%. In contrast, in the United States, sales continued to grow with an increase of 5% compared to the previous year, continuing the recovery that began in 2021 after the effects of the pandemic.
In Europe, the performance was more mixed, with the UK and Italy both down 1,6%, while Germany fell 3,8%. France, on the other hand, saw a 2,5% increase. Meanwhile, a well-known Swiss watchmaker reported a significant decline in annual results, attributing it to reduced demand for consumer goods in China. The company, which owns several prestige brands, saw its sales decline 14,6% in 2024.
