Swiss watch industry gets off to a weak start in 2026
Premature celebrations? After four months of decline, exports from the Swiss watch industry returned to positive territory in December 2025 compared with the same month of the previous year. This mitigated the decline for the year as a whole compared with 2024 to a moderate 1.7 percent. However, it was not the hoped-for turnaround.
According to current figures from the Federation of the Swiss Watch Industry FH, exports by the Swiss watch industry in January 2026 were down 3.6 percent on the previous year’s figure, at CHF 1.9 billion.
Precious metal watches are weakening
The decline in value was mainly due to a 14 percent drop in the value of exports of watches made of precious metals and a 4.5 percent decline in stainless steel models. This decline could not be offset by the 16.1 percent increase in bimetal watches.
Stainless steel models accounted for the largest share of exports in terms of value, followed by watches made of precious metals, two-tone metals, 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. Bimetal watches (+45.1%) and watches made of other materials (+2.9%) contributed most to this increase.
Mid-price segment gains ground
Watches with an export price of over CHF 3,000 recorded a significant decline (-8.1%), which had a considerable impact on the overall result. The increases in the other price segments, in particular the strong growth in watches with an export price between CHF 500 and CHF 3,000 (+17.7%), were unable to offset this downturn.
USA slips back into negative territory, downward trend continues in Germany
After posting growth in December 2025 compared with the same month of the previous year, Swiss watch manufacturers once again recorded a decline in the US market in January 2026, this time of 14 percent. This had a significant impact on the overall result.
Hong Kong (+2.6%) and China (+5%), on the other hand, 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 six leading markets. Singapore (-14.3%) and the United Kingdom (-6.3%) entered a downward phase, while Germany also continued its downward trend (-16.4%).
