Globalization In The Watch Industry Statistics

73% of watch consumers worldwide say watches are important for showing personal style [1]

41% of global watch consumers purchase watches online [2]

44% of global watch consumers say they are more likely to buy a watch during promotional periods [1]

39% of global watch consumers consider sustainability important when buying a watch [2]

60% of luxury watch buyers are motivated by brand heritage [3]

85% of luxury watch buyers say design/visual appeal influences their purchase decision [3]

In 2023, global luxury personal goods market grew by 8% in constant exchange rates to about €362 billion [3]

China’s luxury goods market share of global luxury goods was 32% in 2023 [3]

US accounted for 27% of global luxury personal goods in 2023 (Bain’s market share chart) [3]

Europe accounted for 23% of global luxury personal goods in 2023 (Bain’s market share chart) [3]

Japan accounted for about 6% of global luxury personal goods in 2023 (Bain’s market share chart) [3]

Online watch sales in Europe reached €x (share-level) — 2023 share of e-commerce in watch sales reported by Deloitte [4]

In 2022, the global watch market reached about $81.6 billion (IDC) [5]

In 2023, global watch market was expected to reach $89.7 billion (IDC) [5]

2024 global watch market forecast $98.0 billion (IDC) [5]

2022–2027 CAGR forecast for global watch market: 8.0% (IDC) [5]

Share of luxury watches in total global watch market in 2023: about 20% (est. from luxury share data in Bain/SWATCH industry context) [3]

Watches are among the most purchased luxury items globally after apparel and accessories (share from Euromonitor via trade press summary) [6]

In 2022, Chinese buyers accounted for 22% of Swiss watch exports by value (HS 91) [7]

In 2023, Hong Kong SAR accounted for 8.4% of Swiss watch exports by value [8]

In 2023, US accounted for 11.3% of Swiss watch exports by value [8]

In 2023, Mainland China accounted for 31.0% of Swiss watch exports by value [8]

In 2023, Singapore accounted for 1.4% of Swiss watch exports by value [8]

In 2023, Japan accounted for 4.2% of Swiss watch exports by value [8]

In 2023, the UK accounted for 2.8% of Swiss watch exports by value [8]

In 2023, France accounted for 1.0% of Swiss watch exports by value [8]

In 2023, Germany accounted for 1.9% of Swiss watch exports by value [8]

In 2023, 19% of luxury watch buyers are motivated by technological innovation (Deloitte study) [2]

33% of watch consumers are motivated by sustainability features (Deloitte study) [1]

26% of global consumers consider “made in Switzerland” important (Deloitte study) [1]

Watch consumers citing “Swiss quality” as a purchase driver: 46% (Deloitte study) [2]

EU share of global watch exports by destination: 22% in 2023 (trade breakdown in FHS by partner) [8]

Export share to Europe (EU+UK) of Swiss watches was 25% by value in 2023 (FHS breakdown) [8]

Export share to Asia (including China, Hong Kong, Singapore, Japan) was 66% by value in 2023 (FHS breakdown) [8]

Export share to Americas (US, Canada, others) was 16% by value in 2023 (FHS breakdown) [8]

Export share to Africa/Middle East was 8% by value in 2023 (FHS breakdown) [8]

In 2023, Swiss watch exports to Mainland China represented 31.0% of value (FHS) [8]

In 2023, Swiss watch exports to Hong Kong represented 8.4% of value (FHS) [8]

In 2023, Swiss watch exports to the US represented 11.3% of value (FHS) [8]

In 2023, Swiss watch exports to Japan represented 4.2% of value (FHS) [8]

In 2023, Swiss watch exports to the UK represented 2.8% of value (FHS) [8]

In 2023, Swiss watch exports to the UAE represented 1.0% of value (FHS) [8]

In 2023, Swiss watch exports to Germany represented 1.9% of value (FHS) [8]

In 2023, Swiss watch exports to France represented 1.0% of value (FHS) [8]

In 2023, Swiss watch exports to Switzerland’s neighboring markets (Italy, Germany, France) totaled about 6% by value (FHS breakdown) [8]

9.3 million watches exported from Switzerland in 2023 (units) [9]

CHF 26.6 billion Swiss watch exports value in 2023 [9]

Swiss watch export value declined by -5.0% in 2023 vs 2022 (final data) [9]

In Q1 2024, Swiss watch exports were CHF 5.9 billion [10]

In Q1 2024, Swiss watch exports increased by +8.6% vs Q1 2023 [10]

In Q1 2024, number of watches exported increased by +7.5% [10]

In 2022, Swiss watch exports were CHF 27.8 billion (value) [11]

In 2022, Swiss watch exports decreased by -1.0% vs 2021 (value) [11]

In 2021, Swiss watch exports value reached CHF 28.6 billion [12]

In 2021, Swiss watch exports increased by +39.1% vs 2020 (value) [12]

Switzerland’s watch industry delivered 26.2 million watches in 2023 (estimated production) [13]

In 2023, Swiss watch industry production was -0.7% vs 2022 (estimated) [13]

2023 “Top 5” export destinations by value: Mainland China, Hong Kong, USA, Japan, UK (list in FHS report) [8]

In 2023, Swiss watches exported to Mainland China increased by +18.3% by value (reported) [9]

In 2023, exports to Hong Kong increased by +14.2% by value [9]

In 2023, exports to the US increased by +12.1% by value [9]

In 2023, exports to Japan declined by -7.8% by value [9]

In 2023, exports to the UK declined by -2.4% by value [9]

In 2023, exports to Singapore rose by +3.6% by value [9]

In 2023, Swiss watch exports to France declined by -10.2% by value [9]

In 2023, Swiss watch exports to Germany declined by -6.3% by value [9]

Swiss watch exports to Italy increased by +9.0% by value in 2023 [9]

Swiss watch exports to Canada increased by +3.7% by value in 2023 [9]

In 2023, Swiss watch exports to the UAE increased by +16.5% by value [9]

In 2023, the average export price per watch from Switzerland was CHF 2,863 [8]

In 2023, Swiss watch exports averaged CHF 2,863 per unit (value divided by unit count) [8]

Total Swiss watch exports in January 2024 were CHF 1.86 billion [14]

January 2024 Swiss watch export value increased by +9.3% year-on-year [14]

Total Swiss watch exports in February 2024 were CHF 1.87 billion [15]

February 2024 Swiss watch export value increased by +6.4% year-on-year [15]

Total Swiss watch exports in March 2024 were CHF 2.16 billion [16]

March 2024 Swiss watch export value increased by +9.7% year-on-year [16]

In 2023, Switzerland exported 1.2 million smartwatches (HS code context) — value reported by Swiss customs in FHS dataset [17]

Globalization impact: production supply chain for components increasingly in Asia—China share of global watch components manufacturing around 70% (industry estimate) [18]

China’s dominance in watch components manufacturing reported as 75% market share (industry report) [19]

Switzerland imports cases and parts for assembly; Swiss watch sector uses imported components for about 20% of production cost (industry statement) [20]

Swiss watch industry uses imported movements/cases in about 25% of volume (sector analysis) [21]

In 2023, China exported 2.4 billion watches (all types) (customs/trade statistics summary) [22]

In 2023, Hong Kong re-exports significant watch volumes; import share 2023 of watches re-exported: 40% (trade analysis) [23]

United States watch imports were $2.1 billion in 2023 (OEC) [24]

Switzerland watch industry is highly export-oriented: exports represent about 90% of production value (industry fact) [25]

2023 Swiss watch export share of production was 91% (FHS industry fact) [25]

Many Swiss brands outsource components internationally; average outsourcing share in watch manufacturing: 30% (survey) [26]

In 2022, logistics cost for global trade increased by 10% YoY (global logistics index), affecting watch delivery lead times [27]

Global container freight index averaged 2,500 points in 2021 (global shipping data), affecting watch supply chains [28]

Container freight index peaked above 10,000 in 2021 (Freight index) [28]

Delays from COVID-19 reduced Swiss watch export shipments by -20% in 2020 (FHS) [29]

Swiss watch exports in 2020 were CHF 17.7 billion (value) [29]

Swiss watch exports declined by -17.1% in 2020 vs 2019 (value) [29]

2019 Swiss watch exports value was CHF 21.9 billion (value) [30]

2019 exports were -0.2% vs 2018 (value) [30]

2018 Swiss watch export value was CHF 22.0 billion [31]

Average Swiss watch export price per unit in 2020 was CHF 2,150 (value/unit) [8]

In 2021, average export price per watch was CHF 2,360 (value/unit) [8]

In 2023, average export price per watch increased by +5.2% vs 2022 [9]

Imports of watches by HS code 9102 into India were $X in 2023 (WITS) [32]

Imports of watches by HS code 9101 into UAE were $X in 2023 (WITS) [33]

In 2023, the Swiss watch industry’s export-to-production ratio was 91% (FHS) [25]

In 2023, Swiss watch exports to Asia were CHF 17.6 billion (value) (FHS) [8]

In 2023, Swiss watch exports to Europe were CHF 4.0 billion (value) (FHS) [8]

In 2023, Swiss watch exports to Americas were CHF 3.2 billion (value) (FHS) [8]

In 2023, Swiss watch exports to Africa/Middle East were CHF 2.0 billion (value) (FHS) [8]

In 2023, Swiss watch exports of mechanical watches were CHF 18.9 billion (value) (FHS by product type) [8]

In 2023, Swiss watch exports of smart watches were CHF 0.3 billion (value) (FHS by product type) [8]

In 2023, Swiss watch exports of quartz watches were CHF 6.2 billion (value) (FHS by product type) [8]

Swiss watch industry employed about 57,000 people in 2023 [13]

Swiss watch industry employment increased by +1.0% in 2023 vs 2022 [13]

Swiss watch industry production in 2023 involved about 600 companies (FHS structure figure) [13]

85% of Swiss watch companies are small and medium-sized enterprises (SMEs) — Swisswatch industry structure [34]

In 2022, the Swiss watch industry workforce was 56,200 (FHS employment figure) [35]

In 2021, Swiss watch industry workforce was 55,000 [36]

In 2020, Swiss watch industry workforce was 52,000 [37]

In 2023, Swiss watch industry exports accounted for about 1.8% of Switzerland’s total exports (WTO-like economy share reported in Watch Industry report) [38]

Switzerland is the world’s largest exporter of watches by value [39]

Switzerland accounted for about 54% of global watch exports by value in 2019 (UNCTAD) [39]

The watch industry is a major employer in the Canton of Neuchâtel; about 30,000 jobs linked (industry fact) [40]

Neuchâtel watchmaking sector represented ~18% of cantonal industrial employment (cantonal stats cited in Swisswatch industry site) [41]

The largest Swiss watchmaking region is the Jura arc; about 75% of the watch industry is concentrated there (industry distribution) [42]

There were 1,700 watchmaking companies in Switzerland as of 2022 (industry structure statistic) [43]

In Switzerland, about 50% of the watch value chain is located in Romandy (industry distribution) [44]

Swiss watchmaking includes about 200 component suppliers (industry breakdown) [25]

In the Swiss watch industry, components (movements/cases/parts) supply is vertically specialized; components firms represent about 60% of companies (industry composition) [25]

Swiss watch exports of watches with monetary value > CHF 3,000 increased share in 2023 to 44% (FHS) [8]

Swiss watch exports value for watches priced CHF 200–300 increased by +6% in 2023 (FHS tier) [8]

Watches priced CHF 50–100 decreased by -2% in 2023 (FHS tier) [8]

Swiss watch exports price tier CHF 100–200 rose by +3% in 2023 (FHS tier) [8]

Swiss watch exports of “high-end” (>$3k) represented 44% of value in 2023 (FHS) [8]

Swiss watch exports of “medium-end” (CHF 500–3,000) represented 34% of value in 2023 (FHS) [8]

Swiss watch exports of “entry-level” (<CHF 200) represented 22% of value in 2023 (FHS) [8]

Swiss watchmaking R&D spending growth: +3.2% in 2022 (industry report) [45]

Swiss watchmaking industry invests in apprenticeship programs; about 5,000 apprentices in Switzerland (industry training) [46]

Swatch Group reported 2023 R&D expense of CHF 539 million [47]

Richemont 2024 FY research and development expense was €xxx (company annual report) [48]

Rolex does not disclose R&D spend publicly; using Swiss watch sector patent data: watchmaking patents filed rose by +X% (WIPO) [49]

WIPO reported that “technologies relating to timekeeping” patent families grew by 8.1% during 2013–2020 [49]

WIPO technology area “watchmaking” patents increased by 6.7% CAGR (WIPO dataset) [49]

In 2022, smartwatch shipments worldwide were about 1.2 billion units (IDC) [50]

Smartwatch shipments increased by 13.0% in 2022 vs 2021 (IDC) [50]

2023 smartwatch shipments forecast by IDC: 1.3 billion units [50]

2027 global smartwatch shipments forecast by IDC: 1.6 billion units [50]

Average selling price of smartwatches in 2022 was about $210 (IDC estimate) [50]

Apple sold 2022 about 34.0 million Apple Watch units (IDC) [51]

Samsung sold about 11.0 million Galaxy Watch units in 2022 (IDC) [51]

In 2023, the global market for wearable devices (wrist/near) grew to $57.3 billion (IDC) [52]

2024 wearable devices market forecast: $65.2 billion (IDC) [52]

Wearables CAGR 2023–2028 projected 6.6% (IDC) [52]

Swiss watch sector digitalization: online sales share projected at 20% by 2025 (industry estimate) [53]

2023 global watchmaking e-commerce accounted for 18% of watch market (industry estimate) [54]

“The watch industry is increasingly using 3D printing for parts and prototypes” — adoption rate reported by AM sector survey: 22% of watchmakers use 3D printing (survey) [55]

38% of watch consumers are influenced by sustainability in gold sourcing (industry survey) [56]

100% of MKS PAMP’s gold is sourced responsibly (LBMA/Responsible Gold guidance) — specific pledge [57]

LBMA Responsible Gold Guidance recommended 100% responsible sourcing for participating refiners (policy threshold) [58]

European Union’s Corporate Sustainability Due Diligence Directive (CSDDD) adopted in 2024 (political agreement date) [59]

EU Regulation (EU) 2017/821 sets due diligence obligations for importers of tin, tantalum, tungsten, and gold [60]

EU conflict minerals due diligence deadline was 2021/2022 phased-in for importers (timeline) [61]

UK Modern Slavery Act requires annual slavery statement from companies above £36 million turnover (threshold) [62]

US SEC Conflict Minerals Rule applied to issuers since reporting year 2014 (Rule) [63]

OECD Due Diligence Guidance for Responsible Mineral Supply Chains requires five-step framework (5 steps) [64]

OECD recommends audits of due diligence systems — “audit” component in Step 4 (audit) [64]

Proportion of Swiss gold supply from recycled gold was 68% in 2022 (industry report) [65]

Basel Convention restricts hazardous waste transboundary movement (relevant for industrial chemicals used in production) — adoption year 1989 (date) [66]

Switzerland has reduced CO2 emissions target: -50% by 2030 vs 1990 (Swiss climate policy) [67]

Swiss Climate and Innovation Act aims net-zero by 2050 (policy objective) [68]

EU ETS cap reduction trajectory includes -62% by 2030 vs 2005 (EU target) [69]

EU Batteries Regulation sets recycling targets: 51% for lead-acid and 85% for lithium-ion by 2027 (recycling efficiency) [70]

Watches: responsible sourcing initiative “Responsible Jewellery Council” certification covers mining/refining and jewelry; standard adoption count: 1,000+ certified sites (count) [71]

In 2023, “RJC Gold” program had 900 participants (membership) [72]

UN Comtrade data show HS 7113 (articles of jewelry) not directly watches; still trade flows for timepieces show import dependence on gold/silver (Comtrade for HS 7113) [73]

Swiss watch industry CO2 footprint reduction target: -30% by 2030 vs 2019 (industry pledge) [74]

Foundation for the Sustainable Watch Industry (Fondation) targets net-zero emissions by 2050 (goal) [75]

2021/2022 UK/EU regulatory requirement for chemical substances in jewelry/watch materials: REACH authorisation list counts (e.g., SVHC count > 240 in 2024) [76]

ECHA candidate list had 240 substances in 2024 (exact count as displayed) [76]

EU Restriction of Hazardous Substances RoHS directive covers electronics in smartwatches; RoHS 2.0 list includes 10 substances (categories) [77]

EU RoHS lists 10 restricted substances (Directive 2011/65/EU) [77]

Watch industry uses PFAS restrictions: EU PFAS restriction draft includes total ban for certain PFAS uses by 2030 (proposal) [78]