Swiss Watch Export Study

Swiss Watch Exports in 2025: A Global Market in Transition

In 2025, the Swiss watch industry continues to assert its role as a cornerstone of Switzerland’s export economy, while revealing a gradual rebalancing of its key global markets. According to data published by the Federation of the Swiss Watch Industry (FH), the total value of Swiss watch exports reached CHF 25.55 billion, marking a slight decline compared with 2024 (-1.7%) and 2023 (-4.5%). Beneath this overall stability, however, lie sharply contrasting regional dynamics.

The United States Strengthens Its Leadership

With CHF 4.35 billion in imports in 2025, the United States remains by far the world’s leading market for Swiss watches. Despite a marginal year-on-year decrease (-0.5%), the U.S. market shows solid growth over a two-year period (+4.6% compared with 2023). This performance underscores the enduring appeal of Swiss watchmaking among American consumers, particularly in the premium and luxury segments.

Asia Under Pressure, Yet Still Strategic

Japan retains its position as the second-largest market with CHF 1.85 billion, although exports declined by 5.8% year-on-year. China, however, illustrates the region’s current challenges more starkly. At CHF 1.80 billion, exports to China fell sharply by -12.1% compared with 2024 and -34.8% compared with 2023. Hong Kong, long considered a pivotal distribution hub, continues its structural decline, with exports down 24% over two years.

These figures reflect a combination of regional economic slowdown, evolving consumer behavior, and a redistribution of demand toward other Asian and Western markets.

Europe Shows Resilience Through Diversification

Across Europe, performance remains mixed but broadly resilient. The United Kingdom, France, Italy, and Spain post modest growth or relative stability, while Germany records a more pronounced decline (-6.8% year-on-year). These results highlight the growing importance of omnichannel strategies and experiential retail in sustaining demand across mature European markets.

Strong Momentum in Secondary Markets

One of the study’s most significant insights is the rise of so-called secondary markets. Mexico (+15.7%), India (+8.1%), Turkey (+9.8%), and Canada (+4.5%) all post robust growth. Driven by the expansion of middle classes and rising aspirations toward luxury and prestige brands, these markets are emerging as critical growth engines for the Swiss watch industry.

Toward a New Global Balance

In 2025, more than 93% of Swiss watch exports are still concentrated within the world’s top 30 markets, underscoring a high level of geographic concentration. Nevertheless, the gradual redistribution of demand is prompting brands to rethink their priorities—focusing on market diversification, cultural adaptation, and long-term brand desirability.

In an uncertain global economic environment, Swiss watchmaking once again demonstrates its resilience, while beginning a strategic transition toward a more fragmented yet opportunity-rich global landscape.