Swiss Watch Exports Were Reportedly Booming in Q1 2023
With growth in Asia being a major part of the success.
In a post-COVID world, Swiss watch brands are still thriving. A recent report from the Federation of the Swiss Watch Industry has indicated Swiss watch exports have been booming in the first quarter of 2023.
Throughout the month of March, Swiss watch exports increased 13.8% and 11.8% for the whole quarter. Across regions, sales and price points, the export value went up in volumes to a total value of $2.7 billion USD. In March alone, 1.5 million timepieces were exported, which was almost a 24% rise versus last year. An additional 300,000 units were exported in March, an uptick of 6.2% in comparison to February. While there are many luxury Swiss watch brands, it is in fact watches priced under 200 Swiss francs that contributed the most to the 34.2% surge in units.
Due to Asia’s growth, March saw high single- and double-digit growth globally amongst markets like South Korea, Taiwan, Saudi Arabia and Qatar. Post-pandemic Hong Kong took second place in growth in March, increasing by 61.9% in growth. Within the top six markets for Swiss watches, Singapore also grew by 19% and Japan saw a 1.5% rise as well. With this month’s significant increase throughout, RBC analyst Piral Dadhania said that March’s result “confirms ongoing momentum in the Swiss watch industry, albeit with changing growth contributions towards key Asian market, with ongoing U.S. normalization.”
As for other luxury watch sectors, LVMH saw an 11% growth in watches and jewelry while Hermès‘ first quarter also reported “outstanding” performance in the watch division.
In case you missed it, Tiffany & Co. recently revealed four new limited-edition luxury watches.
