Switzerland: Watch Market 2024

Watch Market Size in Switzerland

After two years of decline, the Swiss watch market increased by 162% to $X in 2021. In general, consumption posted a prominent expansion. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Watch Production in Switzerland

In value terms, watch production expanded rapidly to $X in 2021 estimated in export price. In general, production, however, recorded a pronounced downturn. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Watch Exports

Exports from Switzerland

In 2021, overseas shipments of watches were finally on the rise to reach X units for the first time since 2014, thus ending a six-year declining trend. Overall, exports, however, showed a abrupt curtailment. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, watch exports skyrocketed to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X units), the United States (X units) and the United Arab Emirates (X units) were the main destinations of watch exports from Switzerland, with a combined 39% share of total exports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of -0.8%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for watch exported from Switzerland were the United States ($X), China ($X) and Hong Kong SAR ($X), together comprising 36% of total exports.

In terms of the main countries of destination, China, with a CAGR of +6.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average watch export price stood at $X per unit in 2021, surging by 17% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch export price increased by +99.2% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Russia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Switzerland

In 2021, watch imports into Switzerland fell to X units, which is down by -1.8% on 2020 figures. Overall, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2013 when imports increased by 4.5% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, watch imports soared to $X in 2021. In general, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to Switzerland, accounting for a 52% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), sixfold. The United Arab Emirates (X units) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-10.9% per year) and the United Arab Emirates (+11.1% per year).

In value terms, France ($X), the United Arab Emirates ($X) and Germany ($X) constituted the largest watch suppliers to Switzerland, with a combined 35% share of total imports. These countries were followed by China, the United States, Hong Kong SAR, Italy, Taiwan (Chinese), Spain, Vietnam and the Philippines, which together accounted for a further 35%.

Vietnam, with a CAGR of +89.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, jumping by 32% against the previous year. Overall, the import price saw a resilient expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+26.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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