Ex port tr ends of the Swiss watch industry in 2023
According to the latest data from the Federation of the Swiss Watch Industry (F H), Swiss watch ex ports in 2023 reached CH F 25 billion (abo ut 3. 8 tr illion yen), up 15% from the previous year , setting a new record . This growth was dri ven by growing demand in the US market (ex ports amount ing to CH F 4.5 billion) and China (CH F 3.5 billion), both of which account ed for 32% of the total .
Market recovery of major brand s
Hub lot and Bul gari have seen strong recovery in demand from China and the United States , which has helped sales last year rec over to pre - pand emic 2019 levels . In particular , the Chinese market has seen a marked recovery in consumption , main ly among the wealth y , with both brand s record ing more than 30% growth year - on - year .
LV M H Group (Ti ff any & Co .) After the acquis ition in 2021, the company is push ing forward brand reform s to further enhan ce its market position . The company ' s Wat ches and Je wel ry division result ed in a two - point bo ost to the Group ' s overall sales growth , thanks to Tiffany ' s contribution to the performance .
Back ground Fa ctors of Market Grow th
According to experts , the growth factors of the Swiss watch market can be sum mari zed in the following three points :
- Strong US market: Inc reas ed purchas ing power of the wealth y due to " rev enge consumption " and ris ing asset values after the new corona
- The recovery of Chinese market: Norma lization of consumption tr ends , especially in urban areas , and the effects of digital marketing
- Chang ing the brand strategy: Product Whatsapp up ex pansion and susta ina bility efforts to attra ct young people
Future market out look
Industry analy sts predic t that " in 202 4, we will see 5 - 8% growth , main ly in the US and China markets . " On the other hand , due to the nature of the industry , which is suscep tible to ge opoli tical risks and exchange rate flu ctu ations , each company has strengthen ed the following strateg ic respons es :
- Di versi fying the supply chain to diversi fy the risk
- Ex pansion of direct sales (D TC) chann els
- Strateg y for sharing life with the second - hand market
- En han ce customer engagement using Web 3 technology
Strateg y compar ison of major brand s
| Br ands | US market strategy | China Market Strateg y |
|---|---|---|
| Ub ro | Str eng th ening sports event collabor ation | Exp anding K OL Marketing |
| Bulg arian | Focus on the high jew el ry sector | Digital platform optimiz ation |
| Tiffany | Flag ship Store Ren ov ation | Intr od uc ing local design |