Switzerland: Watch Market 2024

Watch Market Size in Switzerland

The Swiss watch market dropped markedly to $X in 2022, waning by X% against the previous year. Overall, consumption, however, enjoyed pronounced growth. Watch consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Watch Production in Switzerland

In value terms, watch production reduced to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Watch Exports

Exports from Switzerland

In 2022, watch exports from Switzerland dropped to X units, leveling off at 2021. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, watch exports reached $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X units), China (X units) and Italy (X units) were the main destinations of watch exports from Switzerland, with a combined X% share of total exports. Germany, France, the UK, the United Arab Emirates, Japan, Hong Kong SAR, Singapore, Spain, South Korea and Turkey lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of X%), while 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 X% of total exports. Japan, Singapore, the UK, Germany, the United Arab Emirates, France, Italy, South Korea, Spain and Turkey lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, the UK, with a CAGR of X%, recorded 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

In 2022, the average watch export price amounted to $X per unit, rising by X% against the previous year. In general, the export price recorded strong growth. The growth pace was the most rapid in 2020 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Switzerland

For the third year in a row, Switzerland recorded decline in overseas purchases of watches, which decreased by X% to X units in 2022. Over the period under review, imports saw a deep slump. The growth pace was the most rapid in 2013 when imports increased by X%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, watch imports totaled $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest watch supplier to Switzerland, with a X% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), eightfold. The third position in this ranking was held by Taiwan (Chinese) (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, France ($X), the United States ($X) and Hong Kong SAR ($X) were the largest watch suppliers to Switzerland, together accounting for X% of total imports. Germany, Italy, the United Arab Emirates, Singapore, China, Taiwan (Chinese), Spain, Vietnam and the Philippines lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average watch import price amounted to $X per unit, rising by X% against the previous year. In general, the import price continues to indicate prominent growth. The pace of growth appeared the most rapid in 2021 an increase of X%. The import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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