How is the Swiss watch industry faring at the beginning of 2024?
As we come out of winter, everyone interested in Swiss watches is pouring over the results of the latest report by Morgan Stanley and LuxeConsult. The watch industry is extremely tight-lipped, and brands don't make such data readily available themselves.
All the analysis is based on estimates provided by experts, and this is the only report which allows us to make a detailed assessment of how brands are developing. Last year's trends have become even stronger this year. This includes the unprecedented gap between Rolex and the company's trailing competitors.
The brand's market share surpassed 30%, and turnover exceeded the mark of 10 billion Swiss francs for the first time. Meanwhile, the top five leading brands haven't changed. They're rounded out by Patek Philippe, with Audemars Piguet one step ahead, and Omega holding onto third place for the fourth year in a row.
Cartier Watches have also held onto second place for the same amount of time, while Rolex has topped the podium since 2017. In 2023, the turnover of each of the leading eight brands exceeded one billion Swiss francs. This year, Vacheron Constantin joined their ranks this year, securing eighth place.
The affordable Swatch Group brands are faring better than the rest. Tissot rose from 12th to 10th place. But Swatch is the ultimate winner. This brand which hadn't even been seen in the top-twenty since 2018 shot straight up to 13th place in 2023. Their success lies in the triumph of the MoonSwatch.
About 5.8 million pieces have been sold since its inception, of which a staggering 2 million were sold last year. Further evidence of how successful this watch for 250 Swiss francs is can be seen in the recent sale of a set of eleven Omega MoonSwatch Moonshine Gold suitcases, which fetched more than 500 thousand Swiss francs at a charity auction.
Cartier continues to grow, whose models have been actively sported on red carpets around the world by Timothée Chalamet. The company's turnover was 2.4 billion Swiss francs in 2021, 2.8 billion in 2022, and the runner-up in this year's rating closed 2023 with 3.1 billion.
Overall, the Swiss watch industry has continued on its upward trajectory since the last downturn, which coincided with the Covid-19 pandemic. According to analysts' estimates, the 50 biggest Swiss watch brands achieved a sales total of 36 billion Swiss francs in 2023.
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