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Solid growth for Swiss watch export in 2022

Swiss watchmaking had an excellent year in 2022.  After recovering to pre-Covid levels in 2021, the industry experienced solid growth that r...
Swiss watch exports in 2022

Swiss watchmaking had an excellent year in 2022.  After recovering to pre-Covid levels in 2021, the industry experienced solid growth that resulted in record-breaking performance, despite significant declines in two of its three main markets.

In 2022, Swiss watch exports reached 24.8 billion Swiss francs, an increase of 11.4% over their 2021 performance. The strong demand for luxury products and the rise in global wealth contributed to the overall success of the watch industry.

Entry-level Swiss-made watches were a resounding success and ended the year with positive results. While the unfavorable economic conditions had a limited impact on the business market, the health situation, particularly in China, had a more direct effect. The geopolitical situation in Russia also had limited consequences, affecting the annual result by only around 1%.

From a production standpoint, watchmaking companies had to deal with raw material shortages, increased costs, and longer lead times. A labor shortage was also an obstacle in some cases. Nevertheless, the industry continued to invest, innovate, and create new jobs.

Despite ongoing uncertainties, the prospects for Swiss watchmaking remain favourable. Solid foundations and continuing steady demand should drive growth in 2023. A high baseline and the level of risk will imply a lower, but still significant, growth rate than in 2022.

Wristwatches represented over 95% of export value and generated 23.7 billion Swiss francs, 11.6% more than in 2021. The number of items rose to 15.8 million, 50,000 (+0.3%) more than the previous year. Volume growth was split between the remarkable increase in the Other materials category (+32.3%) and the steady decline in steel watches (-7.8%) and those made from other metals (-18.4%).

Quartz watches supported the growth in volume, with an increase of 385,000 units (+4.1% compared with 2021). Conversely, mechanical watches fell by 335,000 items (-5.3%), but grew in value by 11.5%.

The main price segments all increased, except for the 200-500 Swiss francs (export price) range. While the latter fell by 24.0%, its value represents less than 3% of export turnover and only accounted for one percentage point in the overall result. Nonetheless, this long-term trend is a worry for the volumes concerned, which also fell by 22.2%, or 625,000 items. At the same time, watches priced at less than 200 Swiss francs achieved 5.9% growth 


The United States (+26.3%) saw very strong growth for the second consecutive year, taking it to a particularly high level.

Asia was split between the decline in China (-13.6%) and Hong Kong (-10.5%) on the one hand, and the steady growth in other markets, such as Japan (+19.5%), Singapore (+26.4%), the United Arab Emirates (+12.7%) and Taiwan (+15.0%) on the other. South Korea (+1.9%) recorded more moderate growth due to the absence of Chinese tourists. The fall in China was largely due to measures to combat the pandemic, particularly the lockdown in Shanghai in the second quarter. The situation in Hong Kong, which has declined by more than half in eight years (-53.7%), reflects a long-term market adjustment, combined with the consequences of the pandemic.

All the major European markets grew, thanks to strong local demand and the return of tourists from the United States and the Middle East, and elsewhere.

(Source: Federation of the Swiss watch industry FH)

COMMENTS

Name

A. Lange & Sohne,137,Accutron,1,AkriviA,10,Alain Silberstein,3,alarm,16,Alpina,14,Andersen Geneve,2,Andersmann,2,Andreas Strehler,5,Angelus,5,annual calendar,43,Anonimo,15,Anthony de Haas,1,Antiquorum,4,Antoine Martin,2,Antoine Preziuso,1,Apple,2,Apple Watch,2,Aquadive,2,Aquastar,1,Armin Strom,76,Arnold and Son,25,Artime,1,Astarwatch,1,Atelier de Chronometrie,1,Ateliers deMonaco,2,Atmos,1,Auctions,90,Audemars Piguet,89,Autodromo,1,automaton,2,BA111OD,1,Ball Watch,1,Bamford,2,Baselword 2022,1,Baselworld,8,BaselWorld 2013,50,BaselWorld 2014,53,Baselworld 2015,69,Baselworld 2016,27,Baselworld 2017,64,Baselworld 2018,75,Baselworld 2019,41,Baselworld 2020,2,Baume,4,Baume & Mercier,5,Baume et Mercier,63,Bell & Ross,38,Bernhard Lederer,4,Bernhard Zwinz,1,bespoke,1,Blancpain,91,blue dial,3,Bonhams,2,Bovet,12,Brands histories,1,Breguet,121,Breitling,71,Bremont,1,Bremont Watch Company,4,Breva,2,bronze,27,Bücherei,1,Bucherer,1,Bulgari,112,Bulova,2,Burberry,1,C3H5N3O9,1,carbon,3,carillon,3,Carl F. Bucherer,4,Carl Suchy,1,Carrera,17,Cartier,46,ceramic,20,Certina,11,Chanel,4,Chaumet,3,chiming hour,13,Chopard,42,Christiaan van der Klaauw,1,Christie's,9,Christophe Claret,5,Christopher Ward,14,chronograph,713,chronometer,38,Chronoswiss,6,Citizen,3,co-axial,1,column-wheel,7,complete calendar,27,complications,88,concept watch,5,Concord,1,constant-force,39,Corum,18,Credor,1,CSEM,1,Cuervo y Sobrinos,1,Cyrus,32,Czapek,8,Dan Niederer,1,Davosa,1,Daytona,7,De Bethune,28,de Grisogono,3,dead seconds,21,Delma,1,detent escapement,4,DeWitt,9,digital display,1,dive watches,54,diving,8,diving watches,375,double regulator,3,Doxa,34,drei,1,dress watches,501,dual time,101,Ebel,2,Eberhard,35,Edouard Koehn,5,Edox,5,El Primero,41,Emile Chouriet,1,Emmanuel Bouchet,1,Emmanuel Breguet,1,enamel dial,12,enamelling,15,Equation of time,9,ETA,1,Eterna,18,exhibitions,1,F.P.Journe,38,Faberge,2,factory tours,3,Favre-Leuba,1,feature article,81,features,117,Felipe Pikullik,2,Ferdinand Berthoud,7,flyback,55,Fondation de la Haute Horlogerie,1,Formex,1,Fortis,9,Franc Vila Founder,1,Franck Muller,7,Frederic Jouvenot,1,Frederique Constant,15,Furlan Marri,1,FVF,1,Gallet,1,Garrick,1,Geneva Watchmaking Grand Prix,8,Georg Jensen,1,George Daniels,4,Gerald Charles,2,Gerald Genta,12,Girard-Perregaux,47,Glashuette,19,Glashuette Original,87,Glashütte,33,Glashütte Original,120,Glycine,4,GMT,126,GoS,1,GoS Watches,1,GPHG,20,GPHG 2020,3,GPHG 2021,3,GPHG 2022,3,GPHG 2023,3,GPHG2019,1,Graham,6,Grand Feu,5,Grand Prix d’Horlogerie de Geneve,16,Grand Seiko,33,Grande Complication,28,Grande Sonnerie,8,Greubel Forsey,38,greubelforsey,1,Gronefeld,10,Grönefeld,8,Grossmann,3,guilloché,6,H. Moser and Cie,48,H20 Watch,1,Habring,10,Habring2,11,Hajime Asaoka,2,Hallmark of Geneva,2,Hamilton,37,hands-on,117,Hanhart,15,Harry Winston,11,Hautlence,6,Hermes,26,Heuer,2,high jewellery,2,high-frequency,3,Hublot,59,Hybris Artistica,1,Hydro Mechanical Horologists,7,HYT Watches,16,Icon,1,In pictures,17,independent watchmaker,34,industry news,227,interview,8,Interviews,8,IWC,166,Jacques Bianchi,1,Jaeger-LeCoultre,123,Jaquet Droz,58,Jean-Francois Mojon,1,Jean-Marc Pontroué,1,JeanRichard,3,jumping hours,36,Junghans,10,Kaj Korpela,1,Kari Voutilainen,10,Kenissi,1,Kollokium,1,Korpela,1,Krayon,4,Kudoke,5,Kurono,2,L.Leroy,1,L'Epee 1839,1,Labails,1,Ladies watches,189,Lang & Heyne,4,Lang 1943,1,Lange,48,large date,3,Laurent Ferrier,25,Laureus,2,Le Garde Temps,1,Lederer Watches,4,Leica,3,Lemania,1,Leroy,4,Linde Werdelin,2,Longines,93,Louis Erard,24,Louis Moinet,7,Louis Vuitton,1,luxury steel watch,24,LVMH,10,LVMH 2020,6,M.A.D.Edition,3,M.A.D.Editions,3,Maîtres du Temps,1,Manufacture Contemporaine du Temps,3,Manufacture Royale,3,Marc Lang,1,marine chronometer,2,Marqueterie,1,Maurice de Mauriac,2,Maurice Lacroix,26,MB&F,64,MCT,1,MeisterSinger,89,meteorite,2,metiers d'art,2,Mickey Mouse,2,Mido,57,military watches,14,Minerva,3,Ming,1,Minute Repeater,62,monopusher chronograph,4,Montblanc,57,moon phases,120,Moritz Grossmann,31,Moser,43,Muhle,6,Mühle-Glashütte,5,mystery watches,4,Nautilus,12,New Britain Corp,1,new watches,3565,Nivada,2,Nomos,75,Norqain,31,Ochs und Junior,6,Officine Panerai,103,Omega,187,Only Watch,15,Only Watch 2015,4,Only Watch 2017,2,Only Watch 2019,3,Only Watch 2021,4,Only Watch 2023,10,Oris,42,paillonne,1,Panerai,106,Parmigiani,14,Parmigiani Fleurier,33,Pascal Coyon,1,Patek,56,Patek Philippe,133,Pedrozo & Piriz,1,perpetual calendar,143,Perrelet,11,Petermann Bedat,3,Phenomen,1,Philippe Dufour,1,Phillips,10,Piaget,34,Pierre DeRoche,2,pilot watch,110,Pininfarina,1,Pisa,12,Pisa Circle,11,Pita,1,planetarium,2,platinum,7,pocket watch,3,pocket watches,2,Poehlmann-Bresan,2,Poincon de Geneve,2,Porsche Design,17,Pre-SIHH 2016: Cartier - Clé de Cartier Automatic Skeleton,1,pulsometer,5,Purnell,1,quartz,9,Rado,19,Ralf Tech,3,Ralph Lauren,2,rattrapante,23,Raul Pages,2,Raymond Weil,4,rectangular watches,15,reddot award,1,regatta,1,regulator,25,remontoire,5,Remy Cools,1,Reservoir,2,resonance,21,Ressence,12,retrograde,10,Revelation,1,Reverso,26,review,118,RGM,1,RGM Watch Co.,1,Richard Mille,110,Richemont,4,Richmond,1,Roger Dubuis,11,Roger Smith,1,Roger W. Smith,1,Rolex,68,Romain Gauthier,12,Romain Jerome,1,Royal Oak,36,Rudis Sylva,1,sapphire,4,Schwarz Etienne,1,Seamaster,9,Seiko,40,SevenFriday,24,SIHH,3,SIHH 2012,4,SIHH 2013,25,SIHH 2014,36,SIHH 2015,43,SIHH 2016,44,SIHH 2017,41,SIHH 2018,43,SIHH 2019,53,Simon Brette,2,Singer,6,Singer Reimagined,10,single hand,26,single-hand watches,31,Sinn,16,skeleton,35,smartwatch,9,solar energy,1,Sotheby's,8,Speake Marin,6,Speake-Marin,6,Speedmaster,33,split seconds,22,sport,1,sport watches,924,sportwatches,1,Spring Drive,2,square watches,3,squelette,55,steampunk,1,Steinhart,1,Strehler,1,striking time,16,SuisseMecanica,1,sunrise,2,sunset,2,Swatch,7,Swatch Group,22,Sylvain Pinaud,2,table clocks,4,Tag Heuer,172,tantalum,1,technical insight,3,terra Cielo Mare,1,Theo Auffret,1,Tiffany,17,Tissot,7,titanium,8,top news,390,Torsti Laine,1,tourbillon,359,Trilobe,3,Tudor,35,Tulloch,1,Tutima,3,ultra thin,34,Ulysse Nardin,39,Unimatic,1,Union Glashutte,14,Universal Genève,1,Urban Jurgensen,29,Urwerk,22,Vacheron Constantin,80,Van Cleef & Arpels,7,Vauchier Fleurier,1,Vianney Halter,5,video,1,vintage watches,3,Vulcain,11,wandering hours,1,watches,1,Watches & Wonders,41,Watches & Wonders 2020,19,Watches & Wonders 2021,28,Watches & Wonders 2022,35,Watches & Wonders 2023,38,Watches & Wonders 2024,2,Watches&Wonders,5,WatchesandWonders2022,35,WatchesandWonders2023,39,WatchesandWonders2024,3,Wilhelm Schmid,1,Winnerl,1,worldtime,56,YEMA,4,Zannetti,1,Zeitwerk,2,Zeitwinkel,1,Zenith,110,Zodiac,9,
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Time and Watches | The watch blog: Solid growth for Swiss watch export in 2022
Solid growth for Swiss watch export in 2022
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