Data Reviews

Analisis Dinamika Pasar Ekspor Asosiasi Industri Jam Swiss (FH) Februari 2025

瑞士鐘錶工業聯合會
07
Apr

February Watch Market Review
Click here for January analysis

Swiss watch exports in February 2025 decreased by 8.2%, totaling 1.9827 billion Swiss francs (CHF). Despite a favorable base effect (i.e., lower data from the same period last year), exports still significantly slowed down.

According to the latest report from the Federation of the Swiss Watch Industry (FH), the overall trend of Swiss watch exports from January to February 2025 showed a decline of 2.4%, indicating that the Swiss watch industry is facing challenges in an uncertain economic climate.

Product Categories
Watch Exports:

  • Quantity: 1.1 million pieces, down 8.4%.
  • Value: 1.886 billion Swiss francs, down 8.2%.
    Other Products: Value of 96.7 million Swiss francs, down 7.7%.
    Total: 1.9827 billion Swiss francs, down 8.2%.

Performance of Watches by Material

  • Steel Watches: Down 8.0%, the largest share (713.1 million pieces), but quantity only slightly decreased by 0.4%.
  • Precious Metal Watches: Relatively better performance, value down 4.4%, quantity down 19.0%.
  • Bi-metal Watches (Gold Steel): Value down 12.0%, quantity down 14.9%.
  • Other Metal Watches: Most significant decline, value down 24.5%, quantity down 28.9%.
  • Other Material Watches: Value down 40.7%, quantity down 17.6%.

Summary: Total export quantity of watches decreased by 102,000 pieces, with the “Other Metal” category showing a particularly noticeable decline.

Main Markets

  • USA: 340.3 million Swiss francs, down 6.7%, accounting for 17.2%, still the largest market.
  • Hong Kong: 151.4 million Swiss francs, down 12.5%, accounting for 7.6%.
  • China: 145.1 million Swiss francs, down 25.0%, accounting for 7.3%, the largest decline.
  • UK: 129.4 million Swiss francs, down 1.9%, accounting for 6.5%, the smallest decline.
  • Singapore: 129 million Swiss francs, down 12.7%, accounting for 6.5%.
  • Japan: 126.1 million Swiss francs, down 19.1%, accounting for 6.4%, ranking dropped to sixth.

Total for the top six markets: 1.0213 billion Swiss francs, down 12.5%, accounting for 51.5% of total exports.

Watches by Price Category

  • Below 200 Swiss francs: The only growing category, up 2.7%.
  • 500 to 3000 Swiss francs: Down 15.4%, the largest decline.
  • Above 3000 Swiss francs: Down 7.3%, relatively stable performance.

Summary: Mid to high-priced watches were more affected, while low-priced watches grew against the trend.

Market Trend Analysis
Most major markets performed poorly in February, especially in Asia (China, Hong Kong, Singapore, Japan) with significant declines.
The USA, as the largest market, saw a decline but remained relatively stable.
Despite the support of a base effect, the Chinese market still dropped sharply by 25.0%, indicating weak demand.
The Japanese market contracted sharply, with a drop in ranking, reflecting a potential further weakening of local consumer confidence.

Summary

In February 2025, Swiss watch exports significantly slowed down in the uncertain global economic environment, with a total value decline of 8.2%, and a cumulative decline of 2.4% over the previous two months. Steel watches and mid to high-priced products (500-3000 Swiss francs) were more affected, while precious metal watches and low-priced products (below 200 Swiss francs) performed relatively well. Among the major markets, China had the largest decline (25.0%), while the USA and UK remained relatively stable, but the overall Asian market was weak. This reflects that the Swiss watch industry is facing weakened demand and structural challenges in the market, particularly in the Asian region.

Exchange Rate: 1 Swiss franc ≈ 1.16 USD (as of February 2025 exchange rate)
Data Source：FH Swiss Watch Export Report

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