September Watch Exports: A Rise to Be Considered with Caution

This reflects demand that is primarily focused on models priced generally between 500 and 3,000 francs, or even lower. Indeed, a 39.5 per cent increase was recorded for watches costing less than 500 francs, made from bioceramic materials such as the famous Swatch watches, or from other inexpensive materials or gold-plated finishes. Whilst this increase is measured in value terms, it is also evident in volume terms, as September saw a 56.5 per cent rise in exports of watches priced between 200 and 500 francs.

This growth in volumes within these price ranges is a welcome development for the Swiss watch industry, which needs to re-establish a solid foundation capable of sustaining the entire sector. This is a trend we had already highlighted in an article published last September, following the Geneva Watch Days. Indeed, a new lease of life is evident amongst mid-range brands, in response to a general slowdown in luxury consumer spending. Over the past decade or so, Swiss watch brands have clearly repositioned themselves towards the high-end market, a strategy that has enabled them to raise average prices and achieve better margins. However, today, the proliferation of global conflicts, rising US tariffs and economic difficulties linked to a sense of uncertainty are having a severe impact on the markets. Pricing power – the tendency of certain brands with a strong brand image and desirability to set prices above perceived value – has helped to deter many customers.

Another observation is that September’s increase was primarily driven by exports to the United States, which rose by 85.7 per cent. However, this figure is based on the 2025 figure, which had fallen by 55.6 per cent – a phenomenon reflecting the increase in customs duties to 39 per cent and the massive exports to the United States that had already taken place in July in anticipation of this. This rise is therefore artificial.

The other geographical area influencing the rise in exports in September is France, to which shipments surged by 128.2 per cent. Here too, according to the Watch Federation’s press release, ‘the atypical situation observed in France (+128.2 per cent) could in fact reflect shifts in trade flows between markets, to the detriment of other countries in the region. ’ China, for its part, saw a 14 per cent fall in exports, confirming the luxury sector’s difficult recovery there. It is worth noting, by contrast, the continued rise in exports to Hong Kong (+3 per cent in September)

The rise in September is indeed good news, provided that the increase in volumes in the entry-level and mid-range segments continues.