Source: RobbReport
Swiss watch exports reached a record high in 2023, but sales slowed significantly in the second half of the year.
Annual exports increased 7.6 percent year over year to a total value of roughly $31 billion (26.7 billion Swiss francs), according to figures published by the Federation of the Swiss watch industry on Tuesday. Growth in the first half of the year was 11.8 percent but dropped to 3.6 percent in the last six months as buyers curbed spending amid economic headwinds.
Even still, the number of wristwatches exported rose 7.2 percent year over year to 16.9 million, meaning that an additional 1.1 million timepieces were shipped abroad in 2023. Mechanical watches generated almost 80 percent of the growth in export turnover, while quartz watches accounted for three-quarters of the increase in volumes. Breaking it down by price, luxury wrist candy costing over $3,480 (3,000 francs) generated 92 percent of export turnover, while watches with an export price of $232 (200 francs) or less accounted for 83 percent of the increase in volumes.
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