The Swiss watch industry is starting 2026 weakly.

Too soon to celebrate? After four months of decline, exports from the Swiss watch industry showed a positive trend for the first time in December 2025 compared to the same month of the previous year. This mitigated the Total year decrease compared to 2024 to a moderate 1.7 percent. However, it was probably not the hoped-for turnaround.

According to current figures from the Federation of the Swiss Watch Industry (FH), exports from the Swiss watch industry in January 2026 amounted to CHF 1.9 billion, 3.6 percent below the previous year's value.

Precious metal watches are weakening

The decline in value resulted primarily from a 14 percent decrease in the value of precious metal watch exports and a 4.5 percent decrease in stainless steel models. This decline could not be offset by the 16.1 percent increase in bimetallic watches.

Stainless steel models accounted for the largest share of exports in terms of value, followed by watches made of precious metals, bicolor, other metals and other materials.

In contrast, export volume rose slightly by 0.2 percent to 1.1 million units (+ approx. 23,000) in the first month of 2026 compared to January 2025. This increase was mainly driven by bimetallic watches (+45.1 %) and watches made of other materials (+2.9 %).

The mid-price segment is gaining ground.

Watches with an export price exceeding CHF 3,000 experienced a significant decline (-8.1 %), which considerably impacted the overall result. Increases in other price segments, particularly the strong growth in watches with an export price between CHF 500 and 3,000 (+17.7 %), were unable to offset this downturn.

US currency slips back into negative territory, downward trend in Germany continues.

After a Plus in December 2025 Compared to the same month of the previous year, Swiss watch manufacturers recorded another decline in the US market in January 2026, this time by 14 percent. This had a significant impact on the overall result.

Hong Kong (+2.6 %) and China (+5 %) showed signs of recovery, while Japan, hampered by an unfavorable base effect, recorded a decline (-7.5 %).

France continued the positive trend that began in December with growth of 36.8 percent, and the United Arab Emirates (+8.1 %) remained among the top six markets. Singapore (-14.3 %) and the United Kingdom (-6.3 %) entered a downward trend, while Germany also continued its downward trend (-16.4 %).

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