Swiss watch industry fails to gain momentum and even records a decline in the USA

Swiss watch industry fails to gain momentum and even records a decline in the USA

The Swiss export industry sold significantly more goods abroad in February than in January (+6.6%). This is after a slight Recovery in January – after having spent the entire previous year with a Minus 2.8 percent had completed – not for the Swiss watch industry.

Even demand in the US, which had repeatedly offset the weak Chinese market (-25.4% in 2024) in recent months, declined. In February 2025, exports totaled 1.1 million units and CHF 1.982 million (wristwatches + other products of the Swiss watch industry).

This means that exports of Swiss-made watches fell to their lowest level since September 2024 in February.

And so, after the first two months of the new year, the Swiss watch industry is already experiencing a cumulative loss in value of 2.4 percent.

Almost all categories and price segments are losing

February's performance was mainly slowed by the decline in exports of steel watches, which fell by eight percent in value. Precious metal watches, on the other hand, fared better, recording a decline of "only" 4.4 percent. Bimetallic watches (-12 percent) and watches made of other metals (-24.5 percent) recorded even more significant declines.

Overall, 102,000 fewer watches were exported in February, with the decline being particularly pronounced in the Other Metals category (-28.9%, down 1%, 3%), followed by precious metals, with a 19 percent decline in volume.

Only watches with an export price below CHF 200 achieved a positive result during the month (+2.7 percent). Other price segments, however, recorded more or less significant declines, particularly watches between CHF 500 and CHF 3,000, which fell by 15.4 percent. Watches over CHF 3,000 also recorded a decline of 7.3 percent.

US Americans buy fewer Swiss watches, China continues to decline

Most major markets recorded significant declines in February. The USA, currently number one in Switzerland's ranking of leading watch export countries, recorded a decline of 6.7 percent.

Hong Kong continued its downward trend with a decline of 12.5 percent, while China, despite a favorable base effect, continued its massive decline, falling by 25 percent. Exports to China were already 25 percent lower in February and throughout 2024 compared to the same period last year.

There can be no talk of a temporary weakness in this crucial market for the Swiss watch industry. In 2024, China ranked second among the most important export markets for Swiss-made watches – still. Japan had been catching up significantly for some time. Last year, watches worth CHF 2.053 billion were exported to China, while the export value to Japan was CHF 1.965 billion.

The catch: Exports to Japan also recorded a massive decline in value of 19.1 percent in February 2024. The country thus slipped to sixth place in the Swiss watch industry's export ranking last month (2024: third place; 2025: third place).

The decline in the UK was more moderate in February compared to the same month last year (-1.9 percent). Singapore performed in line with the other major Asian markets, recording a decline of 12.7 percent.

Exports to Germany, on the other hand, performed encouragingly. In February, they were three percent higher in value than in February of last year. In the first two months of the new year, they were cumulatively 1.2 percent higher than in the same period last year.