In 2025, the luxury watch market has remained resilient, thanks in part to growing demand from female clients, who now account for 35% of total sales. The data focuses on the U.S. market, which represents 17% of total Swiss watch exports and remains the industry’s leading export destination. This is one of the standout findings from Deloitte’s annual report, presented on October 10, echoing the “10:10” hand position traditionally used in watch displays to showcase brand logos.
During the first half of 2025, the Swiss watch market attempted to regain momentum, only to encounter renewed volatility in the months leading up to the end of August.
From Peak to Plateau: Market Figures for 2025
The 2023 26.7 billion CHF export record now feels distant. By 2024, as the post-COVID luxury boom faded, secondary market prices began to decline, inventories grew, and exports fell by 3% in value, with a 10% drop in volume (1.5 million fewer units shipped).
The decline was sharpest in the entry-level luxury segment (models priced below CHF 6,000–8,000 at retail), where revenues fell 16%. In contrast, high-end timepieces proved far more resilient, with exports up 1% despite a 4% drop in volume.
As for 2025, the first half brought encouraging signals—but the overall market remains fragile. A slowdown returned by May and June, after an optimistic start at Watches & Wonders Geneva, the industry’s flagship event. The mood there was buoyant, helped by a wave of high-profile launches, including Rolex’s acclaimed Oyster Perpetual Land-Dweller.
A Surprising Positive Effect from Tariffs
By July, the picture had become more nuanced: exports rose 7% year-on-year, including to the U.S. The introduction of new 39% import tariffs triggered a wave of anticipatory purchasing, temporarily boosting demand. Without this effect, exports would likely have declined by around 1%. In August, however, contraction resumed, bringing cumulative exports for the first eight months of 2025 to nearly –1%.
Regional Trends
In the United States, retail sales grew 6% in 2024. The perception of luxury is shifting: consumers are favoring authenticity and craftsmanship over ostentation. Several brands have responded by opening new flagship boutiques in Los Angeles, Miami, and Chicago.
In mainland China, sales rose 5% in value during 2024, though volumes remain below pre-pandemic levels. Demand for high-end watches continues to grow in major cities, while the lower tiers lag behind. Hong Kong saw a 4.5% drop in Swiss imports, whereas Singapore (+8%), Japan (+6%), and South Korea (+9%) maintained strong growth, driven by a younger, more informed clientele.
Mechanical Watches Still Reign Supreme
Switzerland exported 13.2 million watches in 2024, down from 14.3 million in 2023 and 20 million in 2019. Production continues to shift toward high-end models, with output in the mid and lower tiers declining. Today, 93% of export value comes from mechanical watches, compared to just 7% for quartz.
The market is dominated by the major groups—Rolex (including Tudor), Swatch Group, Richemont, and LVMH—which together control about 80% of the global luxury watch market. Independent brands survive through their distinct creative value, catering to collector niches, though they lack the same economies of scale.
The “Second Wrist” Market
The pre-owned or certified pre-owned segment reached 25 billion CHF in 2024, nearly matching the new watch market. Digital platforms and official brand programs have lent legitimacy to a once-skeptical sector. The Rolex Certified Pre-Owned initiative, in particular, accelerated maturity across the segment, prompting other maisons to follow suit.
Sustainability and Transparency
Buyers are increasingly attentive to transparency and sustainability. 73% of customers under 35 say that environmental commitment and material traceability directly influence their purchasing decisions. The industry has responded with greater use of recycled gold, low-impact movements, and blockchain-based supply chain verification—now standard practices.
2025 and Beyond: The Future of Swiss Watchmaking
Swiss watchmaking continues to innovate without losing its identity. High-tech materials—lightweight ceramics, titanium alloys, and movements with over 100 hours of power reserve—coexist with a return to smaller cases and minimalist designs.
Artificial intelligence has entered the industry discreetly, supporting demand forecasting, inventory management, online sentiment analysis, and personalized client services.
At its core, however, handcrafted production remains the soul of the sector. The challenge for the years ahead will be to preserve traditional know-how, attract new talent, and make watchmaking a desirable career for younger generations.
Still, demand remains fragile. Rising tariffs have introduced new uncertainties, and consumers are increasingly price-sensitive. The resilience of Swiss watchmaking is being tested “not by a sudden shock, but by a slow accumulation of multiple pressures.”
2025 is shaping up to be a year of selection and consolidation. Most maisons expect 2%–4% growth, driven by U.S. demand, female buyers, and sales in the Middle East and Southeast Asia.
According to the Deloitte Swiss Watch Industry Study 2025, the keys to future success will be brand consistency, sustainability, and the ability to create lasting value.
The Swiss watch remains a symbol of excellence and precision in a world that continues to accelerate.
