The Swiss watch industry has closed 2025 with record-breaking export figures, as fourth-quarter shipments surged 14.2 percent year-on-year to reach CHF 7.8 billion, according to data released by the Federation of the Swiss Watch Industry. The full-year total of CHF 27.3 billion represents the highest annual figure ever recorded, surpassing the previous record set in 2023 by a comfortable margin and defying analysts’ expectations of a slowdown.
Driving Forces Behind the Boom
The growth has been driven primarily by surging demand in the United States, the Middle East, and India, which have emerged as the three fastest-growing markets for Swiss timepieces. The US market alone grew by 22 percent in the fourth quarter, fueled by strong consumer confidence and a growing appetite for luxury goods among younger buyers. India, meanwhile, saw exports jump by 31 percent as the country’s expanding upper-middle class increasingly embraces Swiss brands as status symbols.
“These figures reflect the enduring global appeal of Swiss craftsmanship and the successful strategies our industry has pursued in diversifying into new markets,” said Jean-Daniel Pasche, President of the Federation of the Swiss Watch Industry. “The strength we are seeing is broad-based, spanning both the luxury and mid-range segments.”
The luxury segment, defined as watches with export prices above CHF 3,000, accounted for roughly 75 percent of total export value, with brands like Rolex, Patek Philippe, and Audemars Piguet continuing to benefit from waitlists and robust secondary market premiums. However, the mid-range segment between CHF 500 and CHF 3,000 also performed well, growing 9 percent as brands like Longines and Tissot gained market share in emerging economies.
Challenges on the Horizon
Despite the record results, industry leaders acknowledge headwinds. The Chinese market, traditionally one of the largest for Swiss watches, contracted by 6 percent in Q4 as economic uncertainty and a government-backed austerity campaign dampened luxury spending. Additionally, the strong Swiss franc has compressed margins for some producers, particularly in the mid-range where price sensitivity is higher.
Looking ahead, the Federation expects moderate growth of 5 to 7 percent in 2026, with continued strength in the Americas and Middle East offsetting potential weakness in Greater China. The industry is also investing heavily in digital engagement and direct-to-consumer channels, with several major brands launching enhanced e-commerce platforms in recent months.
