Swiss watch exports to USA plunge by 52%
Swiss watch exports to the United States experienced a drastic decline of 52.3% in November, primarily due to a significant 39% tariff on imports. Although the tariff rate has since been reduced to 15%, the damage to the American market appears to be lasting, with luxury watch prices in the U.S. remaining significantly higher than in other wealthy nations. This change has shaken consumer confidence and shifted market dynamics, leading to a year-to-date decline of 2.1% in sales to the U.S., despite ongoing robust demand concentrated among a few luxury brands like Rolex and Patek Philippe. While exports to the U.S. fell sharply, exports to other markets such as the UK, UAE, and Canada saw increases. The global trend mirrored this turmoil, with Swiss watch exports dropping by 7.3% in value and 10.9% in volume in November. Despite these challenges, the total value of exports for the year-to-date remains relatively resilient, indicating that while many brands are struggling, top-tier luxury watchmakers are expected to see modest growth in 2025.
