Swiss watches back on the rise… but not everywhere

The figures for March 2025 hold a discreet but revealing surprise for the Swiss watch industry. After a dry spell in February, watch exports are making a timid recovery, between Asian tensions and American appetite.

Growth masks glaring disparities

After an -8.2% decline in February, the Swiss watchmaking sector regained momentum in March with growth of +1.5%, totaling 2.13 billion Swiss francs. An encouraging figure… provided you look in the right place.

Steel watches, the mainstay of the industry, performed well with a +5% increase, while bimetallic and precious metal timepieces climbed by +1% and +1.9% respectively. Watches made of other metals, on the other hand, suffered a brutal collapse of -23.7%.

In terms of volumes, the trend remains paradoxical: fewer watches exported, but more value generated, illustrating a strategy clearly focused on the high-end.

Is the mid-range segment the new engine of reasonable luxury?

Timepieces between 500 and 3,000 Swiss francs recorded the strongest increase of the month with +2.6%. Even watches costing more than 3,000 francs held up well with +1.8%. It was mainly the less expensive segments that suffered: -17.5% for the 200-500 franc segment, -1.4% below 200 francs.

This shift confirms a repositioning towards higher-margin products, less vulnerable to volume fluctuations.

United States and United Kingdom to the rescue

The real driving force behind this slight upturn? The United States, which accounts for 19% of the market alone. Their appetite for Swiss watches continues unabated, with sales up +13.7% to 405 million Swiss francs. The UK follows with a solid +10.6% increase.

Japan remained stable(+1.1%), butAsia disappointed: Hong Kong (-11.3%), China (-11.5%), Singapore (-1.8%).

A future hanging in the balance in Geneva?

While the first quarter remained in overall decline (-1.1%), the Watches & Wonders trade show, held in Geneva in early April, could well reshuffle the deck. The industry is now focusing on experience and event innovation to win over buyers.

Also read: Hermès slows down… but increases its prices in the United States