(09.02.2022) Swiss watchmakers wrapped up 2021 with record highs. According to the Federation of the Swiss Watch Industry (FH) annual report, the industry achieved an all-time high of CHF 22.3 billion, up 2.7% from 2019, the year before the pandemic started.
After the outbreak of COVID-19 and a severe setback in 2020, Swiss watchmakers are back on top. In September 2021, pre-crisis levels were already exceeded and the turnaround had strengthened further by year-end. With the industry's results up 31.2% from 2020, they are 0.2 points higher than the previous record in 2014.
Part of the reason for this breakout year is that the Chinese and U.S. markets have performed robustly. The United States saw imports up 27.8% from 2019 while China was up 48.8%. These two countries combined, account for more than a quarter of Swiss watch exports. Asia remains the largest market accounting for 52% of foreign watch shipments.
Paradoxically, 2021 marks a decline in the number of units sold worldwide. The industry exported a total of 15.7 million units in 2021, compared with 20.6 million in 2019. This is a decline of 23.8%.
Watches under the CHF 500 (export price) mark recorded the sharpest decline. They accounted for over 95% of the decrease in sales volumes last year. By contrast, timepieces valued at over CHF 3,000 in export sales recorded an increase of 9.7%. Watches made from precious metals increased by 7.8%.
Last modification 09.02.2022
