Swiss watch exports rose by 1.5% year-on-year in March 2025, reaching CHF 2.13 billion, following declines in the previous months. The growth was primarily driven by increased demand from the United States and the United Kingdom, while markets in Asia continued to show signs of contraction. Despite the monthly gain, export figures for the first quarter of 2025 remained slightly negative overall, down 1.1% to CHF 6.11 billion.
Market Performance by Region
The United States remained the leading market for Swiss watches, with exports rising 13.7% in March to CHF 405.2 million. Japan and the United Kingdom followed with growth of 1.1% and 10.6%, respectively. The UK surpassed both Hong Kong and China in March export value.
In contrast, exports to Hong Kong fell 11.3% and those to China dropped 11.5%, continuing a downward trajectory, although the rate of decline showed signs of easing. Singapore also recorded a modest decrease of 1.8%.
Combined, the six largest markets accounted for 53.5% of total export value in March.
Performance by Material and Price Segment
Export growth was led by steel watches, with exports by value increasing 5.0% to CHF 722.3 million. Bimetallic (gold-steel) and precious metal watches also recorded modest gains of 1.0% and 1.9%, respectively. In terms of volume, steel watches rose by 4.2%, though this did not compensate for decreases in other categories.
Watches made from “Other metals” and “Other materials” experienced sharp decreases in volume—down 23.6% and 17.8%, respectively—contributing to an overall wristwatch unit decline of 4.8% year-on-year, despite the increase in value.
By price category, watches priced above CHF 500 performed positively:
- CHF 500–3,000: +2.6%
- Above CHF 3,000: +1.8%
Lower-priced segments declined, particularly watches priced between CHF 200 and CHF 500, which dropped by 17.5%. Timepieces under CHF 200 fell by 1.4%.
Industry Implications
March’s figures indicate that higher-value Swiss watches continued to perform well in key markets such as the United States and the United Kingdom. This reflects sustained demand in the premium segment, despite an overall decline in unit volumes. Weaker performance in lower price categories, particularly between CHF 200 and CHF 500, may reflect competitive pressures or shifting consumer patterns.
The ongoing contraction in Asian markets, notably China and Hong Kong, remains a concern, though the slower rate of decline may suggest early signs of stabilisation. Jewellers with exposure to international markets or Swiss watch brands may wish to monitor these developments closely.
Outlook
The modest improvement in March represents a modest improvement following earlier declines. Continued growth in higher-value segments and established markets may support overall performance, but ongoing weakness in Asia may prompt jewellers to review product and regional performance closely.
