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.

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. As of 2021, Rolex was the leading Swiss watch brand in the world. In that year, the Rolex brand was valued at around eight billion U.S. dollars. In 2021, the global export value of Swiss watches amounted to over 21 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 2022. Around 25 percent of consumers even made multiple purchases in this category. In Europe, a similar picture was present, with 35 percent of affluent consumers having purchased at least one single luxury watch within the period.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Tugba Sabanoglu, Dec 14, 2022

Key insights

Country with the largest revenue of the luxury watch market
China
Value of secondhand luxury watches market
1.12bn USD
Value of the personal luxury goods market worldwide
353bn EUR
Get more insights

Editor’s Picks Current statistics on this topic

Retail market share of the leading Swiss watch brands worldwide in 2022

Luxury Goods

Market share of the leading luxury watch brands worldwide in 2022

Swiss watch exports value from 2015 to 2022, by country (in billion Swiss francs)

Accessories, Jewelry, & Watches

Swiss watch exports by country from 2015 to 2022

Leading wristwatch exporting countries worldwide from 2019 to 2022, based on number of units (in millions)

Accessories, Jewelry, & Watches

Global watch market: main export countries based on number of units 2019-2022

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