德勤瑞士钟表行业研究2025：承压下的时光

About the study This is the eleventh edition of the Deloitte Swiss Watch Industry Study. It is based on an onlinesurvey of 111 senior executives in the industry, conducted between June and July 2025 andinterviews with industry experts. We also carried out an online survey during the same periodof 6,500 consumers in the domestic Swiss market and top export markets for Swiss watches:China, France, Germany, Hong Kong, India, Italy, Japan, Singapore, the United Arab Emirates, theUnited Kingdom and the United States. This year we also surveyed consumers in Mexico and haveincluded a specific section on this growing market. Independent in its approach and drawing onour research capabilities, the Deloitte Swiss Watch Industry Study is a holistic industry assessmentcomprising diverse points of view. Contents 1.Keyfindings42.Settingthescene53.Insidetheatelier154.Beyondthecounter245.Intothedigitalfuture356.Thenexthour407.¡VivaMéxico!468.Conclusion529.Authors,ContributorsandContacts5310. Endnotes54 1. Key findings Weathering the storm:43% of industry executives hold a nega-tive outlook for their main export markets, compared to just 23%with a positive view. Although subcontractors, often the sector’searly warning system, report cutbacks in investment and increasedreliance on short-term work as immediate measures, 61% plan toprioritise new product introductions in the year ahead. A good signthat innovation and R&D remain firmly on the agenda. Twice as nice:Pre-owned watches are gaining traction, especiallyamong younger buyers: 40% of millennials and Gen Z say they arelikely to purchase one in the coming year, a noticeably higher sharethan among Gen X or Baby Boomers. Shaping tomorrow:Willingness to buy a timepiece is now equallystrong among men and women, signalling that demand is no longerdriven solely by male collectors. Looking ahead, the greatest po-tential for growth lies with female buyers and Gen Z, who are set toshape the future of the watch industry. The robot and I:AI use is evolving and while content creationand efficiency gains remain common, brands are beginning toexperiment more boldly. Nearly a third (29%) now plan to use AI tosupport creative product development, up from 20% in 2023. Viva México!:In Mexico, watch enthusiasm is being fuelled bysocial media. This digital influence translates directly into action:Mexican consumers are twice as likely than the global average topurchase new watches via social media. However, personal relation-ships with retailers remain a distinctive feature of the market, withmany buyers valuing the trust and connection such relation allow toestablish. Holding the floor:Two thirds of brands and retailers report thatonline channels account for around 10% of their sales, while 16%still sell exclusively through stores. Looking ahead, most executivesexpect brick-and-mortar to remain the dominant channel over thenext five years. The retail divide:While 41% of executives plan to open a new mo-no-brand or flagship store in the next 12 months, consumers leanthe other way: 38% say they prefer multi-brand stores, compared tojust 23% who favour mono-brand boutiques. 2.Setting the scene On 10 October 2025 – a nod to the 10:10 commonly displayed onwatch faces – the world celebrates its first ever World Watch Day, atribute to the centuries-old craft of watchmaking and the ingenuity,precision, and perseverance that have made the industry what it istoday. But, even as it celebrates its legacy, the industry is navigat-ing one of the most complex periods in recent memory. Demandremains fragile, tariffs have injected new uncertainty and consum-ers’ price sensitivity is rising. The Swiss watch industry’s resilience isonce again being tested – not by a sudden shock, but by the slowaccumulation of multiple pressures. 2.1 The year so far at a glance After the disruption of the pandemic, 2023 marked a peak for Swisswatchmaking with export revenues reaching a record high of CHF26.7 billion.1 But by early 2024, signs of weakening demand beganto surface. Secondary market prices softened, inventories grew,and the industry registered a decline in export sales. In 2024 as awhole, total export earnings had dropped by almost 3% from 2023,with the volume of exports falling by 10% – roughly 1.5 millionfewer watches were sold in 2024, compared to 2023. The declinewas concentrated in watches costing less than CHF 3,000 in termsof their export price (equivalent to roughly CHF 6,000 to 8,000in retail prices). Export earnings in this segment of the marketdropped by 16%. Higher-priced segments were more resilient,recording a 1% in the value of their exports, despite gaining 1% invalue despite a 4% fall in volumes.2 In the first half of 2025 there have been some encouraging signsbut overall the market has remained fragile. January and Februarycontinued the downward trend, before a brief but strong reboundin March and April lifted sentiment. Ahead of the year’s biggestwatchmaking event, Watches & Won