Swiss watchmaking continued to grow sharply in 2023, following strong performance the previous year. Watch exports achieved record value, while the corresponding number of watches also increased significantly.
The first half of the year for Swiss watchmaking continued in exactly the same vein as 2022. The growth in exports remained particularly steady, despite a high basis for comparison. Most markets saw an increase, with the notable return of China and Hong Kong into the black.
Lenny Kravitz attends the 95th Academy Awards at the Dolby Theater wearing the Jaeger-LeCoultre Reverso Classic Duoface Small Seconds watch.
Swiss watchmaking had an excellent year in 2022. Following the return to pre-Covid levels seen in 2021, the sector has been on a path of solid growth that allowed it to achieve record performance, despite the significant decline in two of its three main markets.
Swiss watch exports between January and June 2022 amounted to 11.9 billion francs, representing a growth of 11.9% compared with the first semester in 2021. While 70% of this increase stems from mechanical watches made of precious metals or steel, the other categories also contributed to the overall upward trend. The remarkable increase in exported watches should also be noted.
2021 saw a faster than expected recovery for Swiss watch exports. Performance was driven by very strong growth in the United States, alongside a steady upward trend in China, while numerous other markets continued to face sometimes significant difficulties.
Watch exports were valued at 10.6 billion Swiss francs in the first half of 2021. This was comparable (-0.5%) to the result achieved in 2019, which is viewed as the reference year given that the historically poor performance recorded in 2020 does not provide a useful annual basis for comparison.
The year 2021 marks the 220th anniversary of the Tourbillon. To celebrate the occasion, Breguet joins hands with K11 MUSEA to host a “Breguet – Inventor of the Tourbillon” Pop-Up to share the Tourbillon stories, featuring virtual voice navigation, and showcase the brand’s spectacular Tourbillon timepieces, including Classique Double Tourbillon 5345 Quai de l’Horloge, which makes its first debut in Hong Kong.
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