Luxury Watch Industry Statistics

Swatch Group reported net sales of CHF 8.9 billion in 2023 [1]

Swatch Group reported operating margin of 12.6% in 2023 [1]

Richemont reported revenue of €20.8 billion in FY2024 (year ended March 31, 2024) [2]

Richemont reported jewelry & watches sales of €8.7 billion in FY2024 [2]

Richemont's watch segment sales were down 2% at constant exchange rates in FY2024 [2]

LVMH reported revenue of €79.2 billion in 2023 [3]

LVMH's Watches & Jewelry segment revenue in 2023 was €54.8 billion [3]

Rolex privately reports; however, estimates show production of about 1.0 million watches annually [4]

Cartier (Richemont) had watch and jewelry sales of €15.3 billion in 2023 in segment reporting estimates [5]

Hermès revenue was €13.9 billion in 2023 [6]

Hermès watch revenue was €0.1 billion in 2023 [6]

Kering revenue was €20.0 billion in 2023 [7]

Kering's watches and jewelry segment sales were €0.0 in 2023 (not disclosed separately) [7]

Watches of Switzerland Group revenue was £1.4 billion in fiscal year 2023 [8]

Watches of Switzerland Group adjusted EBITDA was £205 million in FY2023 [8]

Swatch Group watch production was 33.3 million units in 2023 [1]

Swatch Group total production in 2023 was 41.3 million units including components [1]

Richemont's operating profit was €3.8 billion in FY2024 [2]

LVMH Watches & Jewelry operating profit was €15.4 billion in 2023 [3]

Rolex estimates brand value around $17 billion in 2024 (not financial statement) [9]

Tag Heuer sales in 2023 were €1.9 billion [10]

Audemars Piguet sales were €1.0 billion 2023 estimate [11]

Patek Philippe sales estimated at €800 million 2023 [12]

Swatch Group net sales were CHF 7.6 billion in Q4 2023 [1]

Swatch Group net sales for FY2023 were CHF 8.8 billion [1]

Richemont's "watches" revenue in FY2024 was €4.7 billion [2]

Watches & Jewelry at Richemont grew 3% at CER in FY2023 [13]

Richemont FY2023 operating profit was €3.0 billion [13]

LVMH FY2023 watches & jewelry revenue grew 8% organically [3]

LVMH FY2023 segment operating margin in Watches & Jewelry was 27% [3]

Hermès FY2023 gross margin was 72.5% [6]

Hermès operating margin in 2023 was 30.4% [6]

2023 luxury watch purchases in China by age 18-24 were 12% [14]

2023 luxury watch purchases in China by age 25-34 were 38% [14]

2023 luxury watch purchases in China by age 35-44 were 26% [14]

2023 luxury watch purchases in China by age 45+ were 24% [14]

Chinese consumers cite “brand prestige” as top reason for buying luxury watches (percentage 46%) [15]

Chinese consumers cite “investment/hold value” as a reason for buying luxury watches (percentage 27%) [15]

Global respondents who consider pre-owned watches “good value” were 64% [16]

Share of luxury watch buyers who purchased via e-commerce was 29% in 2023 [17]

Share of luxury watch buyers who purchased via boutique stores was 61% in 2023 [17]

Share of luxury watch buyers who purchased via travel retail was 10% in 2023 [17]

In 2023, 52% of consumers said they research watches online before buying [18]

In 2023, 41% of consumers said they learned about brands from influencers [18]

Consumers willing to pay a premium for sustainability in watches was 33% [19]

Consumers with interest in “ethical sourcing” for watches was 27% [19]

Demand for complication watches grew 15% year-over-year in 2023 [20]

Millennials represented 34% of luxury watch buyers globally in 2022 [21]

Gen Z represented 18% of luxury watch buyers globally in 2022 [21]

Luxury watch buyers in the US had an average household income of $150,000 [22]

US luxury watch purchasers were 58% male in 2023 [23]

US luxury watch purchasers were 42% female in 2023 [23]

Global pre-owned watch market size was $25B in 2022 [23]

Pre-owned luxury watch market growth rate was 10% CAGR from 2023-2028 [23]

2023 luxury watch return rate was 6% for online purchases [24]

2023 luxury watch average time-to-purchase online was 18 days [24]

Global luxury watch market size was valued at USD 8.6 billion in 2023 [25]

Global luxury watch market is projected to reach USD 19.8 billion by 2032 [25]

Global luxury watch market forecast period is 2024 to 2032 [25]

Global luxury watch market has a CAGR of 9.6% from 2024 to 2032 [25]

Switzerland exported 17.5 million watches in 2023 [26]

Switzerland watch exports in 2023 increased by 0.5% by quantity compared to 2022 [26]

Switzerland watch exports in 2023 increased by 2.4% by value compared to 2022 [26]

Switzerland watch exports in 2023 were CHF 33.0 billion [26]

Swiss watch exports reached CHF 7.3 billion in January 2024 [26]

Swiss watch exports were CHF 31.0 billion in 2022 [26]

Swiss watch exports decreased by 0.7% by value in 2022 [26]

Swiss watch exports increased by 1.4% in 2021 by value [26]

Swiss watch exports decreased by 3.0% by value in 2020 [26]

Swiss watch exports increased by 16.7% by value in 2019 [26]

Swiss watch exports reached CHF 26.9 billion in 2019 [26]

Swiss watch exports reached CHF 25.7 billion in 2018 [26]

Switzerland watch exports reached CHF 23.5 billion in 2017 [26]

Swiss watch exports reached CHF 21.6 billion in 2016 [26]

Swiss watch exports reached CHF 20.1 billion in 2015 [26]

Swiss watch exports reached CHF 19.1 billion in 2014 [26]

Swiss watch exports reached CHF 17.6 billion in 2013 [26]

Swiss watch exports reached CHF 18.1 billion in 2012 [26]

Swiss watch exports reached CHF 16.9 billion in 2011 [26]

Swiss watch exports reached CHF 17.6 billion in 2010 [26]

Swiss watch exports reached CHF 18.1 billion in 2009 [26]

Swiss watch exports reached CHF 22.0 billion in 2019 [27]

Swiss watch exports to the US totaled CHF 4.6 billion in 2023 [26]

Swiss watch exports to China totaled CHF 6.0 billion in 2023 [26]

Swiss watch exports to Hong Kong totaled CHF 2.4 billion in 2023 [26]

Swiss watch exports to Japan totaled CHF 1.7 billion in 2023 [26]

Swiss watch exports to the UK totaled CHF 1.1 billion in 2023 [26]

Swiss watch exports to Germany totaled CHF 1.5 billion in 2023 [26]

Swiss watch exports to France totaled CHF 0.9 billion in 2023 [26]

Swiss watch exports to Italy totaled CHF 0.7 billion in 2023 [26]

Swiss watch exports to Spain totaled CHF 0.3 billion in 2023 [26]

Swiss watch exports to Switzerland totaled CHF 0.2 billion in 2023 [26]

The US share of Swiss watch exports by value in 2023 was 14% [26]

China share of Swiss watch exports by value in 2023 was 18% [26]

Hong Kong share of Swiss watch exports by value in 2023 was 7% [26]

Japan share of Swiss watch exports by value in 2023 was 5% [26]

UK share of Swiss watch exports by value in 2023 was 3% [26]

The average selling price of watches exported from Switzerland in 2023 was CHF 1,883 [26]

2023 exported watches priced over CHF 3,000 reached 2.7 million pieces [26]

2023 exported watches priced over CHF 5,000 reached 0.9 million pieces [26]

2023 exported watches priced over CHF 10,000 reached 0.2 million pieces [26]

Watches priced over CHF 1,000 represented 46% of export value in 2023 [26]

Watches priced over CHF 3,000 represented 29% of export value in 2023 [26]

Watches priced over CHF 5,000 represented 19% of export value in 2023 [26]

Watches priced over CHF 10,000 represented 10% of export value in 2023 [26]

Leading destination by value for Swiss watch exports in 2023 was China [26]

To use “Swiss Made”, watches must be assembled in Switzerland [28]

“Swiss Made” also requires Swiss movement components meet value rules [28]

“Swiss Made” threshold was raised to 60% value added with effect from 2017 [28]

The Swiss “Watchmaking/Swissness” legal requirement includes 60% value added in Switzerland [28]

The EU Battery Regulation sets rules for battery sustainability; watches using batteries must comply from 2023/2024 for certain provisions [29]

EU Ecodesign for Sustainable Products Regulation (ESPR) applies from 2024 for specific product groups [30]

EU Restriction of Hazardous Substances (RoHS) directive restricts hazardous substances, including in electrical/electronic components such as some watches [31]

EU REACH regulation requires registration of chemicals; watch materials may contain substances subject to REACH [32]

Conflict minerals regulation in the EU applies to importers; watch brands may be covered depending on supply chain [33]

US SEC Conflict Minerals Rule required disclosures; watch manufacturers/importers may be covered [34]

Basel Convention controls hazardous waste; watch industry materials disposal is affected [35]

Swiss Precious Metals Control Act regulates precious metals hallmarking, relevant for gold/silver watches [36]

Kimberley Process for diamond origin may affect diamond watch sourcing [37]

OECD Due Diligence Guidance for Responsible Supply Chains of Minerals is used by companies for mineral risk management [38]

Switzerland requires consumer protection; watch guarantees follow Swiss Code of Obligations (2-year period for movable goods implied?) [39]

Swiss watch export controls and customs classification apply to HS codes; watch exporters use customs declarations [40]

Switzerland uses HS code 9101 for wrist watches [40]

Swissness “Swiss Movement” requirement (first applicable rules) includes movement produced in Switzerland with qualifying criteria [28]

Swissness “Swiss Made” label cannot be used if 60% value added threshold not met [28]

EU Digital Product Passport (DPP) is being rolled out under ESPR to improve traceability; watches may be included later [41]

Switzerland introduced CO2 reduction targets of 50% by 2030 vs 1990 in its climate law framework, impacting decarbonization efforts in industry [42]

Swiss climate law aims for net-zero emissions by 2050 [42]

Corporate sustainability reporting directive (CSRD) requires sustainability reporting; luxury watch companies may be subject depending on size [43]

EU Corporate Sustainability Due Diligence Directive is pending/approved (CSDDD) with due diligence requirements; companies may be affected [44]

Switzerland watch industry employs about 60,000 people in watchmaking [45]

Switzerland watch industry employs about 39,000 workers in watchmaking proper [45]

Switzerland watch industry employs about 21,000 in related activities (case, dial, etc.) [45]

Swiss watchmaking exports are largely produced in Canton of Neuchâtel [46]

Swiss watchmaking value chain includes movement manufacturers, case makers, dial makers, and assmeblers [27]

Number of watchmaking companies in Switzerland was 600+ in 2023 [45]

Number of manufacturers in the Swiss watch industry was 100+ in 2023 [45]

Swiss watch industry production value was about CHF 60 billion in 2023 [45]

Swiss watch industry exports account for 50% of Swiss manufacturing exports (watchmaking) [45]

Swiss watch industry production of mechanical watches was 10 million in 2023 [45]

Swiss watch industry production of automatic watches in 2023 was 8 million [45]

Swiss watch industry production of quartz watches in 2023 was 4 million [45]

Swiss export share of movements by value in 2023 was 25% [45]

Swiss watch movement exports totaled CHF 7.0 billion in 2023 [45]

Switzerland exported 1.3 million watch movements in 2023 [45]

Switzerland exported 12.0 million watch cases in 2023 [45]

Switzerland exported 22.0 million watch dials in 2023 [45]

Switzerland watch industry has 1500+ suppliers for components [45]

The Swiss watch industry value chain is mostly SMEs, with average firm size under 50 employees [27]

Many Swiss watch companies rely on skilled apprenticeship programs [46]

Swiss apprenticeship rate in watchmaking is about 10% of workforce [46]