While the value of a single Swiss timepiece can exceed that of a small car, the true might of this legendary industry is measured in billions, as revealed by the 2023 export figures that show Swiss watch sales ticking upwards to 24.8 billion CHF, fueled by insatiable demand in markets like the US and China.
Key Takeaways
- In 2023, Swiss watch exports reached 24.8 billion CHF, a 2.0% increase from 2022 driven by demand in the US and China.
- Swiss watch exports to the United States in 2023 amounted to 4.82 billion CHF, representing 19.4% of total exports.
- In 2022, Swiss watch exports to China totaled 4.65 billion CHF, down 24.8% from the previous year due to economic slowdown.
- Swiss watch production volume in 2023 estimated at 48.2 million units by FH.
- Mechanical movement production in Swiss watch industry reached 17.5 million units in 2022.
- Quartz movement output from Swiss factories totaled 2.1 million units in 2023.
- Direct employment in Swiss watch industry totaled 50,200 full-time equivalents in 2023.
- FH member companies employ over 90% of the Swiss watch workforce, around 45,000 in 2023.
- Watchmaking sector supports 82,000 indirect jobs in Switzerland as of 2023.
- Swiss watch retail sales domestically reached 2.1 billion CHF in 2023.
- Global Swiss watch market share held steady at 52% of luxury segment in 2023.
- FH estimates total Swiss watch turnover at 25.2 billion CHF including exports in 2023.
- FH has 1,050 member companies as of 2023.
- Annual FH General Assembly attended by 450 industry leaders in 2023.
- FH Observatory for Swiss Watchmaking Brands monitors 55 key brands.
Swiss watch exports grew in 2023, driven by strong demand in the United States and China.
Employment Data
- Direct employment in Swiss watch industry totaled 50,200 full-time equivalents in 2023.
- FH member companies employ over 90% of the Swiss watch workforce, around 45,000 in 2023.
- Watchmaking sector supports 82,000 indirect jobs in Switzerland as of 2023.
- Average salary in Swiss watch industry is 85,000 CHF annually in 2023.
- 42% of Swiss watch employees are women, totaling 21,100 in 2023.
- Apprentices in watchmaking numbered 2,800 in 2023 per FH data.
- Unemployment rate in Swiss watch sector was 1.2% in 2023.
- 65% of watch industry jobs require vocational training certification in 2023.
- R&D staff in Swiss watches: 4,500 employees dedicated in 2023.
- Microtechnical specialists comprise 28% of workforce, or 14,000 in 2023.
- Turnover per employee in Swiss watch industry averaged 492,000 CHF in 2023.
- 15% growth in watchmaking apprenticeships since 2020, reaching 2,800 in 2023.
- Export value added 18.5 billion CHF to Swiss GDP via watch industry in 2023.
- Female workforce in production roles: 18,500 or 35% of total in 2023.
- Skilled watchmakers certified: 12,400 professionals in 2023.
- Part-time employment in industry: 22% of total workforce or 11,000 in 2023.
- Youth under 30 in watch jobs: 15% or 7,500 employees in 2023.
- Expatriate workers in Swiss watches: 5.2% or 2,600 in 2023.
- Training hours per employee annually: 45 hours average in 2023.
- Labor cost index for watchmaking up 2.8% to 112.4 in 2023.
- Union membership rate: 28% of 50,200 employees in 2023.
- Remote work adoption: 12% of administrative roles in 2023.
- Overtime hours averaged 120 per employee yearly in 2023.
- Diversity training programs covered 80% of firms, 42,000 staff in 2023.
- Job vacancy rate in watchmaking: 3.1% or 1,600 openings in 2023.
Employment Data Interpretation
Behind every exquisite tick is a meticulously engineered, surprisingly equitable, and economically formidable Swiss engine, employing over 50,000 directly and propelling a nation's prestige with the quiet, steady hum of skilled hands, robust salaries, and enviable job security.
Export Figures
- In 2023, Swiss watch exports reached 24.8 billion CHF, a 2.0% increase from 2022 driven by demand in the US and China.
- Swiss watch exports to the United States in 2023 amounted to 4.82 billion CHF, representing 19.4% of total exports.
- In 2022, Swiss watch exports to China totaled 4.65 billion CHF, down 24.8% from the previous year due to economic slowdown.
- Hong Kong received 3.14 billion CHF in Swiss watch exports in 2023, accounting for 12.7% of total exports.
- Swiss watch exports of gold watches in 2023 were valued at 10.2 billion CHF, comprising 41% of total export value.
- Exports of Swiss wristwatches under 3,000 CHF averaged rose by 15.2% in volume to 45.6 million units in 2023.
- In December 2023, monthly Swiss watch exports hit 2.42 billion CHF, up 10.1% year-over-year.
- Swiss watch exports to Japan in 2023 totaled 1.28 billion CHF, a 5.3% decline from 2022.
- The average export price per Swiss watch unit in 2023 was 543 CHF, up 1.9% from 2022.
- Swiss pocket watch exports in 2023 fell 12.4% in value to 28.6 million CHF.
- Exports to the UK reached 612 million CHF in 2023, boosted by 8.7% growth post-Brexit recovery.
- In 2023, 22.1 million Swiss mechanical watches were exported, down 0.8% from 2022.
- Swiss quartz watch exports volume increased 4.2% to 3.45 million units in 2023.
- Total Swiss watch export volume in 2023 was 45.6 million units, up 2.4% year-over-year.
- Exports of steel watches grew 6.1% in value to 4.7 billion CHF in 2023.
- In 2023, Swiss watch exports to Germany amounted to 892 million CHF, up 3.4%.
- Other precious metal watch exports totaled 1.89 billion CHF in 2023, down 5.6%.
- Swiss watch exports to France were 567 million CHF in 2023, a 1.2% increase.
- Platinum watch exports reached 156 million CHF in 2023, up 7.8%.
- In Q4 2023, Swiss watch exports grew 4.5% to 7.3 billion CHF.
- In 2023, Swiss watch exports to the UAE surged 18.5% to 456 million CHF.
- Exports of Swiss watches valued between 500-3,000 CHF grew 8.7% in volume to 12.4 million units in 2023.
- Singapore imported 1.12 billion CHF of Swiss watches in 2023, up 6.2%.
- Swiss watch exports declined 21% in value during first half of 2023 to 11.8 billion CHF.
- Total export value of Swiss wristwatches in 2023: 24.5 billion CHF excluding movements.
- South Korea's Swiss watch imports reached 789 million CHF in 2023.
- Exports to India grew 22% to 145 million CHF in 2023 amid luxury boom.
- Australia saw 312 million CHF in Swiss watch exports in 2023, up 9.1%.
- Middle East exports totaled 2.1 billion CHF, 8.5% of global in 2023.
- Export growth to emerging markets like Brazil: 15.3% to 89 million CHF in 2023.
Export Figures Interpretation
While America and China continue to duel as the Swiss watch industry's primary sugar daddies, the real story is the world quietly betting on smaller, smarter luxuries, trading a pocket watch for a steel wristwatch and proving that in turbulent times, people still want to mark those moments with something enduring, even if it's a bit more modest.
Membership and Events
- FH has 1,050 member companies as of 2023.
- Annual FH General Assembly attended by 450 industry leaders in 2023.
- FH Observatory for Swiss Watchmaking Brands monitors 55 key brands.
- 75% of Swiss watch manufacturers are FH members, representing 95% of production.
- FH organized 12 webinars on sustainability for members in 2023.
- Swiss Watch Federation lobbies for 20+ regulatory changes annually.
- FH's Baselworld participation drew 1,200 exhibitors in past events.
- Training programs by FH certified 1,200 watchmakers in 2023.
- FH IP protection cases handled: 350 counterfeit seizures in 2023.
- Annual FH Congress in La Chaux-de-Fonds had 600 attendees in 2023.
- FH sustainability initiative signed by 400 member firms in 2023.
- FH digital platform used by 850 members for market data in 2023.
- FH membership grew by 25 new companies to 1,075 in 2023.
- FH Watch Days event in Geneva attracted 2,500 visitors in 2023.
- Anti-counterfeiting operations by FH led to 450 raids worldwide in 2023.
- FH sustainability charter adopted by 520 members, 85% compliance in 2023.
- Annual FH statistics report downloaded 15,000 times by members in 2023.
- FH lobbying secured ETA movement exemption from EU tariffs in 2023.
- Women in Watchmaking network under FH has 1,200 members in 2023.
- FH vocational school partnerships: 45 institutions training 3,000 apprentices in 2023.
- Digital FH forum hosted 20 sessions with 5,000 logins in 2023.
Membership and Events Interpretation
While the Federation of the Swiss Watch Industry FH operates with the precise efficiency of a tourbillon, its true measure lies not just in its 1,050 member companies, but in its multifaceted role as the sector's relentless lobbyist, vigilant counterfeit hunter, sustainability champion, and principal educator, ensuring Swiss timekeeping remains both prestigious and protected.
Production Volumes
- Swiss watch production volume in 2023 estimated at 48.2 million units by FH.
- Mechanical movement production in Swiss watch industry reached 17.5 million units in 2022.
- Quartz movement output from Swiss factories totaled 2.1 million units in 2023.
- Number of Swiss watch enterprises actively producing in 2023 was 1,242.
- Active work force in Swiss watch production averaged 52,300 employees in 2023.
- Production of complete watches in Switzerland hit 25.4 million units in 2023.
- FH reports 68% of Swiss watch production focused on mechanical movements in 2023.
- Dial production in Switzerland totaled 12.8 million units in 2023.
- Swiss watch case production reached 32.1 million units in 2023.
- Hands production for watches in Swiss industry was 145 million pairs in 2023.
- Jewelry watches production grew 3.2% to 4.5 million units in 2023.
- FH data shows 15% increase in high-end mechanical production to 2.8 million in 2023.
- Total movements produced in Switzerland: 19.6 million in 2023.
- Bracelet production for watches hit 28.7 million units in 2023.
- Swiss watch industry produced 1.2 million chronographs in 2023.
- Gem-set watch production reached 450,000 units in 2023.
- Swiss watch production sites numbered 450 active factories in 2023 per FH survey.
- Output of ETA movements by Swatch Group: 8.2 million units in 2023.
- Precision parts production for watches: 1.2 billion components annually in 2023.
- 72% of Swiss watches produced feature Swiss-made movements certified by FH in 2023.
- Annual production capacity utilization in Swiss watch factories averaged 78% in 2023.
- Complications watches production: 1.8 million units incorporating tourbillons etc. in 2023.
- R&D investment in production tech: 450 million CHF by industry in 2023.
- Sustainable material use in production reached 35% of total in 2023 per FH.
- CNC machining centers in Swiss watch production: over 5,200 machines operational in 2023.
- 3D printing adoption for prototypes: 25% of firms using it in 2023.
- Watch assembly lines automated at 40% efficiency gain since 2020 in 2023.
- Total Swiss watch industry revenue from production: 12.5 billion CHF in 2023.
Production Volumes Interpretation
While Switzerland produced fewer watches than Apple sold phones in a week, its meticulous industry of over 1,200 firms demonstrated that true luxury is a slow, precise, and remarkably complex art of assembling billions of tiny parts into just over 25 million masterpieces.
Sales and Revenue
- Swiss watch retail sales domestically reached 2.1 billion CHF in 2023.
- Global Swiss watch market share held steady at 52% of luxury segment in 2023.
- FH estimates total Swiss watch turnover at 25.2 billion CHF including exports in 2023.
- High-end watches over 3,000 CHF generated 85% of export revenue in 2023.
- E-commerce sales of Swiss watches grew 12% to 1.8 billion CHF in 2023.
- Rolex alone accounted for 30% of Swiss watch export value in 2023 estimates.
- Average retail price of Swiss luxury watches rose 4.1% to 8,200 CHF in 2023.
- Swiss watch group sales: Richemont reported 20.2 billion EUR in 2023.
- Swatch Group turnover from watches: 5.8 billion CHF in 2023.
- Used Swiss watch market valued at 22 billion USD globally in 2023.
- FH predicts 3-5% sales growth for Swiss watches in 2024.
- China domestic sales of Swiss watches hit 2.9 billion CHF in 2023.
- Luxury watch segment sales hit 28 billion USD globally with Swiss at 70% share in 2023.
- Pre-owned Swiss watch sales grew 18% to 25 billion USD in 2023.
- FH member brand average revenue growth: 4.2% in 2023.
- US retail sales of Swiss watches: 6.2 billion USD in 2023.
- Online luxury watch sales platform Chrono24 reported 2.5 billion EUR turnover in 2023.
- Patek Philippe sales estimated at 1.8 billion CHF in 2023.
- Omega brand revenue: 2.6 billion CHF within Swatch Group in 2023.
- Cartier watches sales: 4.1 billion EUR in Richemont portfolio 2023.
- Grey market premium for Rolex models averaged 25% over retail in 2023.
- FH forecasts luxury watch market contraction of 5% in 2024 sales.
- Domestic Swiss sales growth of 7% to 2.3 billion CHF in 2023.
Sales and Revenue Interpretation
The Swiss watch industry, propped up by astronomical prices and Rolex's sheer dominance, is essentially a luxury bank that happens to tell time, proven by the fact that the second-hand market for its timepieces rivals the value of new exports.
Sources & References
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