Luxury Watch Industry - Statistics & Facts

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 highly export-driven sector, 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 biggest watch producer in terms of volume. 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.

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. As of 2018, Rolex was the leading Swiss watch brand in the world. In 2019, the Rolex brand was valued at around 8.05 billion U.S. dollars.

The luxury watch industry has staged an impressive rebound from the watch crisis. Thanks to a decision to refocus on high-end products (in particular mechanical watches), the luxury watch industry benefited from a boom in demand for global luxury goods that began in the mid-1990s. In particular, the luxury watch industry owes its success to its foresight in actively targeting growth in emerging markets. Thanks to rising incomes and growing prosperity, other emerging-market countries, outside of China, offer substantial growth opportunities for the watch industry.

In recent years, many luxury watch manufacturers have altered their marketing and sales techniques to adapt to the changing times. They seem to understand the importance of using social media to market their product. In addition, a survey of watch company executives found that nearly 70 percent will be focusing their efforts on making sales through their own online e-boutique.

Luxury watches are highly valued for their craftsmanship and prestige. Among Americans, the appeal of a fine luxury watch is plain to see. In a 2018 survey, almost 60 percent of respondents stated that they would like to own a Rolex watch. This is especially lucrative given the average price of products within this market.

Interesting statistics

In the following 4 chapters, you will quickly find the 31 most important statistics relating to "Luxury Watch Industry".

Luxury Watch Industry

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International trade

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