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Rolex captures confidence in an uncertain industry

While exports are down, luxury watch brands witness mixed results, but Gen Z presents an opportunity for growth when it comes to the sentiment of shoppers.
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Artwork by Vogue Business
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In 2023, the Swiss watch market saw a positive export growth of 7.6 per cent, according to the Federation of the Swiss Watch Industry. 2024 appears to be shaping up differently. Exports declined by 3.3 per cent in the first six months of the year, with significant decreases in exports to China (down 21.6 per cent) and Hong Kong (down 19.9 per cent). In contrast, exports were up 3.6 per cent in the US and 7.7 per cent in Japan, highlighting pockets of growth.

Despite these challenges, luxury watch consumers anticipate maintaining similar purchase levels next year. The average purchase intent across 20 key luxury brands is projected at 14 per cent, matching the percentage of those who bought from these brands in the past year. At a brand level, Rolex, Patek Philippe and Piaget are expected to see more sales, while Cartier, Tag Heuer and Movado are likely to experience declines.