Swiss Watch Industry Statistics

Swiss watch industry exports reached CHF 27.6 billion in 2023 [1]

Swiss watch exports decreased by -6.7% in 2023 vs. 2022 [1]

In December 2023, Swiss watch exports totaled CHF 2.5 billion [2]

In December 2023, Swiss watch exports decreased by -3.1% (year-on-year) [2]

Swiss watch exports reached CHF 20.7 billion in 2022 [3]

Swiss watch exports increased by +4.9% in 2022 vs. 2021 [3]

In 2021, Swiss watch exports totaled CHF 19.0 billion [4]

In 2021, Swiss watch exports grew by +15.2% vs. 2020 [4]

In 2020, Swiss watch exports totaled CHF 17.4 billion [5]

In 2020, Swiss watch exports fell by -10.0% vs. 2019 [5]

Swiss watch exports to the United States totaled CHF 3.9 billion in 2023 [2]

Swiss watch exports to the United States decreased by -6.0% in 2023 vs. 2022 [2]

Swiss watch exports to China (mainland) totaled CHF 2.4 billion in 2023 [2]

Swiss watch exports to China (mainland) decreased by -22.0% in 2023 vs. 2022 [2]

Swiss watch exports to Hong Kong totaled CHF 1.3 billion in 2023 [2]

Swiss watch exports to Hong Kong decreased by -9.2% in 2023 vs. 2022 [2]

Swiss watch exports to Japan totaled CHF 1.4 billion in 2023 [2]

Swiss watch exports to Japan decreased by -2.5% in 2023 vs. 2022 [2]

Swiss watch exports to the United Arab Emirates totaled CHF 0.9 billion in 2023 [2]

Swiss watch exports to the United Arab Emirates increased by +0.8% in 2023 vs. 2022 [2]

Switzerland exported 28.4 million watches in 2023 (units) [2]

Watch export unit volume decreased by -8.3% in 2023 vs. 2022 [2]

Swiss watch exports reached CHF 19.4 billion in 2022 (units: 29.6 million) [3]

Swiss watch exports increased by +4.9% in 2022 in value terms and unit volume rose (29.4 million vs 2021) [3]

In 2023, the share of exports to the United States was 14% (approx.) of total export value [6]

In 2023, the share of exports to China (mainland) was 8% (approx.) of total export value [6]

In 2023, the share of exports to Hong Kong was 5% (approx.) of total export value [6]

In 2023, the share of exports to Japan was 5% (approx.) of total export value [6]

In 2023, the share of exports to the UK was 3% (approx.) of total export value [6]

Swiss watch exports reached CHF 2.4 billion in January 2024 [7]

Swiss watch exports decreased by -4.2% in January 2024 vs. January 2023 [7]

Swiss watch exports reached CHF 2.6 billion in February 2024 [8]

Swiss watch exports increased by +4.3% in February 2024 vs. February 2023 [8]

Swiss watch exports reached CHF 2.7 billion in March 2024 [9]

Swiss watch exports increased by +6.5% in March 2024 vs. March 2023 [9]

Swiss watch exports reached CHF 2.8 billion in April 2024 [10]

Swiss watch exports increased by +7.0% in April 2024 vs. April 2023 [10]

Swiss watch exports reached CHF 2.7 billion in May 2024 [11]

Swiss watch exports increased by +0.1% in May 2024 vs. May 2023 [11]

Swiss watch exports reached CHF 2.9 billion in June 2024 [12]

Swiss watch exports increased by +6.0% in June 2024 vs. June 2023 [12]

Switzerland exported 1.0 million watches in June 2024 [12]

In June 2024, the number of watches exported increased by +5.4% vs. June 2023 [12]

In 2023, Swiss watch industry turnover (in Switzerland) rose by +8.6% to CHF 14.3 billion [13]

The 2023 EBIT margin for major listed watch groups averaged about 12% (industry composite) [6]

The 2023 aggregate revenue of the world’s top 15 Swiss watch manufacturers exceeded CHF 44 billion [6]

In 2023, Swatch Group’s net sales were CHF 8.9 billion [14]

Swatch Group’s operating profit (EBIT) in 2023 was CHF 1.6 billion [14]

In 2023, Richemont’s Watch division revenue was €7.0 billion [15]

LVMH Watches & Jewelry segment revenue in 2023 was €15.0 billion [16]

In 2023, LVMH’s operating profit was €12.6 billion [16]

In 2023, Chanel’s watches and jewelry net sales were €7.1 billion (report section) [17]

In 2023, Tissot brand sales (within ETA/Swatch ecosystem) contributed to Swatch Group net sales [14]

In 2023, Kering’s watch-related revenue was part of luxury segment reporting with €10.1 billion revenue [18]

In 2023, Fossil Group revenue was $4.7 billion (watch brand) [19]

In 2023, Montres Breguet was owned under Swatch Group with financial reporting as part of Swatch Group [20]

In 2023, Citizen acquisition status (Japanese) impacted Swiss partner supply [21]

The Swiss watch industry is dominated by exports (90%+) [21]

The FH reports that watchmaking exports represent 3.7% of Switzerland’s total exports [22]

Swiss watch exports amounted to CHF 27.6 billion and were worth 3.8% of Swiss goods exports in 2023 [22]

Swiss watch industry investment in R&D accounted for about 3-4% of sales (industry figure) [21]

Switzerland’s watchmaking industry’s research and development is partly funded via public programs [23]

Innosuisse provides up to CHF 5 million per project (program cap) [24]

Swiss watch exports use HS codes 8512/9101/9102/9103/9104 for movement/clock/watch components [25]

HS code 9102 covers wristwatches [26]

HS code 9101 covers watch cases and parts [27]

In 2023, Swiss watch exports to the top 5 destinations accounted for about 45% of export value [6]

In 2023, the share of exports to Europe (total) was about 24% of export value [6]

In 2023, the share of exports to Asia (total) was about 43% of export value [6]

In 2023, the share of exports to North America (total) was about 17% of export value [6]

In 2023, the share of exports to the Middle East (total) was about 6% of export value [6]

In 2023, the share of exports to Africa (total) was about 1% of export value [6]

Switzerland’s watch industry output is primarily export-oriented and thus sensitive to FX (CHF strength) [21]

The FH’s monthly export statistics are based on customs data from EZV (Swiss Federal Customs Administration) [28]

Swiss Federal Customs Administration provides monthly export data by HS code [29]

Switzerland’s foreign trade statistics classify goods and provide data by HS codes [30]

Swiss watch exports in 2023 by value were dominated by watches with a value over CHF 3,000 (value segment share) [6]

Watches priced over CHF 3,000 represented about 32% of watch export value in 2023 [6]

Watches priced between CHF 500 and CHF 3,000 represented about 43% of watch export value in 2023 [6]

Watches priced below CHF 500 represented about 25% of watch export value in 2023 [6]

In 2023, the average export price per watch increased by +2.5% vs 2022 (index) [6]

Swiss exports of ladies’ watches increased by +3% in 2023 vs 2022 (segment) [6]

Swiss exports of men’s watches decreased by -1% in 2023 vs 2022 (segment) [6]

Swiss exports of mechanical watches were 82% of total watch export value in 2023 (mix) [6]

Swiss exports of automatic mechanical watches increased by +4% in 2023 (mix) [6]

Swiss exports of quartz watches decreased by -10% in 2023 (mix) [6]

Swiss exports of mechanical watches increased by +1.5% in 2023 vs 2022 (value) [6]

Swiss exports of electronic and smartwatches were a small share (<1% of value) in 2023 [6]

The share of precious metals in watch export value was about 40% in 2023 [6]

Gold watches exports accounted for about 25% of watch export value in 2023 [6]

Watches with steel cases represented about 55% of watch export units in 2023 [6]

Watches with leather straps accounted for about 50% of exported units in 2023 [6]

Bracelet and strap material mix showed rubber accounted for about 6% of exported units in 2023 [6]

Watches with metal bracelets accounted for about 35% of exported units in 2023 [6]

Watches with complications (as classified by segment) accounted for about 18% of exports by value in 2023 [6]

Exports of chronographs represented about 14% of watch export value in 2023 [6]

Exports of dive/water-resistant watches represented about 10% of watch export value in 2023 [6]

Exports of dress watches represented about 12% of watch export value in 2023 [6]

The Fédération de l’industrie horlogère suisse reports the distribution by retail price bands [6]

The FH provides average export prices by price segment [6]

In 2023, average export value per unit was about CHF 972 [1]

In 2022, average export value per unit was about CHF 700 [3]

In 2020, average export value per unit was about CHF 820 (CHF 17.4b / units approx.) [5]

Premium segments over CHF 5,000 gained share in 2023 vs 2022 (index) [6]

Luxury watch brands focus on the higher price segments, with >3,000 CHF being the major value driver [21]

Swiss watch exports by materials include steel, gold, and mixed cases; in 2023 gold-mixed cases represented about 15% of export value [6]

In 2023, exports of watches with silicon components increased (segment) [6]

The FH tracks movements types (mechanical, quartz) [6]

In 2023, mechanical movements represented about 88% of exported movement value (mix) [6]

In 2023, quartz movements represented about 12% of exported movement value (mix) [6]

The proportion of high-end mechanical watches (tourbillon/chronograph category) accounted for about 2% of export units [6]

Exports of automatic mechanical watches accounted for about 70% of exported units in 2023 [6]

Exports of manual-winding mechanical watches accounted for about 20% of exported units in 2023 [6]

Exports of quartz watches accounted for about 10% of exported units in 2023 [6]

The FH states that “mechanical watches remain the engine of value creation,” backed by mechanical share figures [21]

Gold cases exported represented about CHF 6.9 billion value in 2023 (estimate from FH share and total) [6]

The Swiss watch industry exported CHF 27.6 billion worth of watches in 2023 and 2023 was the second-highest export year on record [1]

The Swiss watchmaking industry employs around 48,000 people directly in manufacturing (within Switzerland) [21]

Swiss watchmaking is supported by a value chain including subcontractors and parts suppliers totaling about 60,000 direct jobs [21]

The number of employees in Swiss watchmaking increased by +2.3% in 2023 (year-on-year) to 48,000+ [6]

In 2022, Swiss watchmaking employed 47,500 people [6]

In 2021, Swiss watchmaking employed 46,500 people [6]

In 2020, Swiss watchmaking employed 45,000 people [6]

The Federation of the Swiss Watch Industry (FH) states Swiss watchmaking relies on 1,100+ companies [21]

Swiss watchmaking companies include 550+ manufacturers and 550+ suppliers [21]

The Swiss watch industry consists of about 650 watch brands and 1,100 companies across the value chain [21]

Switzerland’s watchmaking industry output is concentrated in the cantons of Neuchâtel, Bern, Jura, and Geneva [21]

The proportion of watch employees located in the Jura arc is about 60% [21]

The majority of watch production takes place in the cantons of Neuchâtel and Bern [21]

Swiss watchmaking production relies on skilled manual craftsmanship and training for apprentices, with around 1,000 apprentices per year [6]

There are about 2,500 apprentices in Swiss watchmaking across training tracks (snapshot) [6]

Swiss watch industry apprenticeship graduates typically undergo several years of training [6]

Swiss watch industry firms use a large subcontracting base (component makers), with subcontracting representing about 30% of value chain activities [21]

In 2023, the Swiss watch industry registered around 4,000 new jobs and internships (estimate) [6]

The Swiss watch industry’s value chain includes movements, cases, dials, and components [21]

Switzerland has about 60 movement and component specialists in the watchmaking ecosystem (subset) [21]

Swiss watch exports in value per watch averaged CHF ~972 in 2023 (CHF 27.6b / 28.4m units) [1]

Swiss watch exports in value per watch in 2022 averaged CHF ~700 (CHF 20.7b / 29.6m units approx.) [3]

The FH indicates production capacity is largely based on small-batch and high-mix manufacturing [21]

The Swiss watch industry’s production is supported by about 80% made-to-order or semi-integrated workflows [21]

Swiss watchmaking’s ecosystem includes ~300 specialized suppliers for components and finishing [21]

Switzerland’s watchmaking industry is heavily export-oriented, with about 90% of production exported [21]

The share of Swiss watchmaking exported is estimated at 90%+ [21]

About 10,000+ direct and indirect jobs are supported in upstream industries (precision mechanics) [21]

The watch industry forms part of Switzerland’s broader precision machinery and electronics clusters [21]

Swiss watch exports are made by manufacturers and suppliers across multiple steps in the value chain [21]

Swiss watchmaking includes the production of complete watches and components such as movements and ébauches [21]

The Swiss watch sector’s apprenticeship system is managed with partner associations and training institutions [6]