Figures released by the Federation of the Swiss Watch Industry regarding the first half of 2023 shows a “particularly steady” growth in watch exports with most markets seeing an increase, according to a press release.
Swiss watch exports totaled 13.3 billion francs (approximately $15.2 billion) – up 11.8% year-on-year. According to the Federation, “the appeal of Swiss watches was not affected by the challenging context in economic or geopolitical terms […].”
Watches with an export price of over 500 francs (around $574) grew 12.2% between January and June. Those priced at less than 200 francs (around $229) recorded a growth of 23.2%.
Asia saw the strongest growth (+14.3%) and “absorbed half of all Swiss watch exports” during the period. Meanwhile, Europe (+9.7%) accounted for a 30% share, and America achieved a marked increase (+8.1%), taking it to a 19% market share. Notably, demand in China grew 25.4% and 28.8% in Hong Kong.
Figures relating to June and quoted by IDEX Online show that Swiss watch exports surged in June, in part thanks to a 46% increase in sales to Hong Kong, “its third biggest market.”
Overall foreign sales were up 14% year-on-year, totaling $2.81 billion (CHF2.44 billion). This is an increase of nearly 10% over May 2023, when China saw an increase in sales of 158%. Sales in Hong Kong during May were up “by a more modest 19%,” according to the report. Exports to the US, naturally the biggest market of all, were up 8.8% to $408 million (CHF 353.5 million).
Describing June numbers as “excellent,” the Federation commented: “Swiss watch exports showed no sign of weakness in June – quite the opposite […] This meant that the first half of the year ended on a particularly strong result, at $13.3bn (+11.8 per cent).”
