Precision, quality, luxury, design, perfect workmanship, tradition, coupled with specialist technology: the luxury watch industry combines traditional Swiss values in a traditional Swiss product, and as a
, it conveys these values to the wider world. Global watch production is dominated by only a handful of players, the clear leaders being Switzerland, Hong Kong, and China. China is the world's
. However, Chinese watches are mainly geared towards the lower end of the price range. In the luxury segment, on the other hand, Switzerland enjoys a position of near-monopoly.
Swiss watch industry
Not only is the watch industry a valuable ambassador for Switzerland’s industrial prowess, it also constitutes a major pillar of the country’s economy. The watch industry has proven hugely significant to a number of the country's regions. The profile of the Swiss watch industry is that of a fully developed cluster in which the individual players – from supplier, through brand, to retailer – work together like clockwork. In 2022, Rolex was the
leading Swiss watch brand in the world. As of 2023, the
Rolex brand was valued at over 10 billion U.S. dollars. In the same year, the global
export value of mechanical Swiss watches amounted to over 22 billion Swiss francs.
Luxury watch shoppers
Among consumers with high income and net worth, luxury watches are generally a frequent item to purchase. In North America, over half of luxury consumers stated to have
bought luxury watches within the past year according to the results of a survey conducted in the third quarter of 2023. Around one-third percent of consumers even made multiple purchases in this category. In Europe, a similar picture was present, with 47 percent of affluent consumers
having purchased more than one single luxury watch within the period.
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