Swiss watch exports recorded a “slight improvement” in July 2024, rising by 1.6% year-on-year to reach 2.2 billion Swiss francs (£1.97 billion), according to recent data provided by the Federation of the Swiss Watch Industry.
This growth was driven primarily by a surge in demand for precious metal watches, which saw a 12.6% increase in value.
However, steel watches did not fare as well, experiencing a 10.4% decline.
Watches priced under 200 francs had the strongest performance, growing by 13.7% in value. Watches valued at over 3,000 francs also contributed positively, with a 5.4% increase.
This helped offset the significant drop in the mid-range category (200-3,000 franc), which fell by 14.4%.
The US contributed an 11.3% increase in exports, with Japan exports surging 25.6% and France at 13.7%.
This helped to offset persistent declines in China and Hong Kong, with exports to these regions falling by 32.8% and 19.1%, respectively.
The promising data comes amid a turbulent time for high-end watches and luxury goods in general.
Swiss global luxury giant and Cartier owner Richemont’s sales failed to budge in the first quarter of its 2025 financial year, delivering another warning sign for the global luxury sector.
China’s declining interest in luxury goods has heaped significant pressure on the sector, with LVMH and Gucci owner Kering also seeing lower demand.
In July, Swatch disclosed that group-wide sales fell more than 14% year on year in the first half, largely due to poor sales in the Chinese market.
Luxury watch prices on the secondary market have declined by more than a quarter in the past two years, according to the Bloomberg x Subdial Watch Index.