The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →The watch market weakened in the first half of 2024, but not uniformly. Swiss export figures show a downturn concentrated in China and Hong Kong, while other markets were more resilient; secondary-market indexes also slipped. Those measures describe different parts of the business, so neither proves that every brand, region or retail counter was struggling.
What does “struggling” mean in the watch industry?
The clearest broad indicator for new Swiss watches is exports. The Federation of the Swiss Watch Industry (FH) reported that Swiss watch exports fell 3.3% year over year in H1 2024, to CHF12.9 billion. That is a meaningful contraction in the value of watches shipped out of Switzerland, not a direct count of watches sold to customers.
The distinction matters: the FH says its statistics are based on export figures, not end-consumer sales. Shipments can differ from retail sell-through because watches may remain in distribution or retailer inventory before a customer buys them. The export decline therefore signals pressure on the Swiss watch trade, but it is not a definitive measure of global consumer demand.
Where was the downturn concentrated?
The aggregate decline was driven chiefly by two important Asian markets. FH figures show a sharp contrast between China and Hong Kong and the rest of the world:
Recommended Free Tools
| Market | Change in Swiss watch exports, H1 2024 year over year |
|---|---|
| China | −21.6% (FH, 2024) |
| Hong Kong | −19.9% (FH, 2024) |
| Rest of the world | +1.0% (FH, 2024) |
This makes “the watch industry was struggling” an incomplete description unless it is qualified by geography. The steep falls in China and Hong Kong pulled down the overall result, while export growth elsewhere was modestly positive. That resilience does not mean every other country or brand grew; the regional aggregate can conceal local and company-level differences.
Why were buyers and brands under pressure?
The FH identified several headwinds behind the export slowdown:
- China’s property-sector crisis and high youth unemployment, which weighed on confidence and spending.
- Weaker economic confidence more broadly, making discretionary purchases easier to postpone.
- The strong Swiss franc, a pressure on the competitiveness of Swiss products in export markets.
- Geopolitical tensions, which added uncertainty to the business environment.
These factors help explain why demand for watches could soften without every market declining. They also help frame the strain on aspirational and mid-priced buyers: when confidence weakens, a costly but non-essential purchase may be deferred. The data do not establish that any one factor caused a particular brand’s result.
Did secondary-market prices fall too?
Yes, the available secondary-market indexes also recorded declines, though their measures should not be treated as interchangeable with export data or with one another.
Rank #3
| Measure | Reported movement | What it describes |
|---|---|---|
| FH Swiss watch exports | −3.3% year over year in H1 2024, to CHF12.9 billion (FH, 2024) | Export value of Swiss watches; not end-customer sales |
| WatchCharts Overall Market Index | −0.4% in May 2024 and −0.3% in June 2024 (WatchCharts, 2024) | Monthly movement in WatchCharts’ secondary-market index |
| Chrono24 ChronoPulse | −0.83% over H1 2024 (Chrono24, in a 2025 summary of 2024 data) | Secondary luxury-watch price-index movement |
The WatchCharts readings are monthly changes, whereas Chrono24 reports an H1 change. Each provider uses its own index basket and methodology, so the percentages are directional evidence of a softer pre-owned market, not components that can be added together into a single market-wide decline. Likewise, the export figure tracks shipments of Swiss watches and cannot be compared one-for-one with price movements in secondary-market indexes.
Which price tiers were most exposed?
The secondary-market weakness was uneven by price tier as well as geography. WatchCharts observed that declines accelerated in Q2 2024 among many brands priced around $5,000–$10,000 on the secondary market. That finding points to particular pressure in an aspirational segment; it does not establish that every watch in that range fell, or that the same pattern applied to all retail prices for new watches.
Rank #4
- Ships from Vermont
The highest end was less exposed in the broad pattern described by the available evidence, but there is no single result here for all luxury watches or brands. A market index can soften even while particular references remain steady or behave differently. Buyers should check the specific model, condition, and transaction history rather than infer an individual watch’s value from an industry-wide indicator.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should buyers compare before choosing new or pre-owned?
The H1 2024 data do not produce a universal answer that new or pre-owned is the better purchase. They point instead to three separate questions that buyers should keep distinct:
Best Value
- Book - a man and his watch: iconic watches and stories from the men who wore them
- Language: english
- Binding: hardcover
- Availability: Export figures indicate how much Swiss watch value was shipped, not whether a specific watch is in stock at a retailer or readily available in a particular country.
- Retail demand: Export totals do not reveal how many watches reached end customers, or whether retailers are selling through their inventories at the same pace as shipments.
- Secondary value: Price indexes describe aggregate movements in their respective pre-owned market baskets. They are context, not a guaranteed resale price or forecast for one reference.
For a new watch, assess the actual retail offer and availability of the model you want; an export downturn by itself does not prove that retail prices have fallen. For a pre-owned watch, compare recent transactions for the same reference and condition, and account for the specific seller and listing. The H1 indexes support the conclusion that the broader secondary market eased, but they cannot tell a buyer what a particular watch should cost.
Deloitte’s 2024 consumer survey covered more than 6,000 people across Switzerland and major export markets. That provides a substantial consumer-research sample, but the survey size alone does not show whether respondents were more or less likely to buy watches; it is not a substitute for end-consumer transaction data.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
