Swiss Watch Exports Decline in June 2025

According to the Federation of the Swiss Watch Industry, Swiss watch exports fell in June 2025 as demand slowed in several key markets. The total export value reached CHF 2.2 billion, representing a 5.6% decrease compared with June 2024. From January to June 2025, exports amounted to approximately CHF 13 billion, almost unchanged from the same period last year (-0.1%). If the current trend persists, the industry could see its first annual contraction since 2020.

This slowdown follows a period of strong recovery in 2021–2023, driven by pent-up post-pandemic demand and robust luxury consumption in Asia and North America. The most recent figures indicate a more cautious global market, with certain regions affected by weaker consumer confidence, exchange rate fluctuations and ongoing geopolitical uncertainties.

Export Breakdown by Material

Watches in precious metals and steel continued to account for the majority of export value, together representing about 75% of total shipments.

Precious metals: -5% in value, -9.8% in units, reflecting weaker demand for high-value pieces in Asia and the US.
Steel: -3.6% in value, but a modest +2.4% increase in units, indicating stronger demand for mid-priced models.
Other metals: -16.8% in units.
Other materials: -29.8% in units, marking the sharpest drop among all categories.

Overall, 123,000 fewer units were shipped compared with June 2024. The steep decline in “Other materials” is partly due to a reduced appetite for lower-priced fashion watches, a trend that has been ongoing for several quarters.

Performance by Price Segment

Almost all price segments recorded declines in June, with the overall average at -9.7%. The only exception was the CHF 500 to CHF 3,000 range, which rose by 16%. This growth suggests resilient demand in the upper mid-range segment, often targeted by both established brands and emerging independent watchmakers seeking volume sales without competing directly in the ultra-luxury category.

Key Market Insights

Market performance in June 2025 showed sharp contrasts across regions:

United States: -17.6%, remaining the single largest drag on overall results despite a slight improvement over May’s steeper drop.
Japan: -11%, continuing a downward trend influenced by currency weakness and shifting domestic spending habits.
Hong Kong: -10.6%, still affected by reduced tourist spending compared with pre-2019 levels.
United Kingdom: -0.1%, showing near stability and benefiting from steady domestic luxury consumption.
China: +6.1%, supported by the high base effect of previous periods, although volumes remain about 30% lower than two years ago due to the property sector downturn and more selective high-end spending.

Strategic Context for the Industry

The Swiss watch sector is currently navigating a more complex environment marked by slowing global luxury growth, increased competition from both high-end and accessible luxury segments, and the growing influence of certified pre-owned sales. While the high-value segment still underpins export value, mid-range models are proving more resilient, suggesting that diversified portfolios and targeted marketing will be essential for sustaining performance in the second half of the year.