Press release
for immediate publication

Bienne, January 27th 2022

Swiss watch exports in 2021
A strong recovery carries Swiss watchmaking to new heights
2021 saw a faster than expected recovery for Swiss watch exports. Performance was driven by very strong
growth in the United States, alongside a steady upward trend in China, while numerous other markets
continued to face sometimes significant difficulties.
The return to pre-crisis levels as early as September and positive performance in the fourth quarter produced
the best-ever annual results for the sector, at 22.3 billion francs, 2.7% higher than in 2019 (+31.2% comparedwith 2020) and a 0.2% improvement over the 2014 record. While the Covid-19 pandemic continued to makeits presence felt throughout the year, its consequences for the watch market proved less severe. Overall,
luxury personal goods benefited from the sharp increase in demand in China and the United States,
additional opportunities created by digitalisation, the use of savings accumulated during the various
lockdowns and more significant restrictions on luxury experiences, particularly tourism-related activities.
While travel retail suffered from the decline in tourism, an increase in domestic purchases, a switch to digitalchannels and the development of the duty-free market in Hainan offset losses to some extent.
Despite the encouraging results overall in 2021, stark discrepancies exist between the various actors in theluxury sector and in Swiss watchmaking. Growth is being driven more by a set of brands than by productcategories as in the past, while others are proving less successful and in some cases, suffering significant
declines. The same polarisation is being seen in markets and price segments, as evidenced by the decline involumes. This can be explained in part by current economic factors associated with the pandemic – which
are by definition temporary – but also, more worryingly, by structural changes, to which the sector must
respond and adapt.
In spite of the still precarious health situation and less favourable macroeconomic prospects for the mainmarkets, luxury personal goods should see increased demand in 2022. The strong results achieved last year
– and even earlier, in 2020, in China – will nonetheless create a slightly unfavourable base effect. Given thesefactors and a still significant degree of uncertainty, the forecasts for Swiss watch exports are based on
cautious optimism.
Products
Exports of wristwatches increased by 3.5% compared with 2019, to 21.2 billion francs. The number of items,
however, continued to fall, to 15.7 million. This is a decline of 4.9 million (-23.8%) compared with 2019.
Watches priced at less 500 francs (export price) fell sharply, accounting for over 95% of the decline involumes, with a 25.1% drop in their export value. The decline in value for watches priced between 500 and3,000 francs was significantly less marked (-3.5%), while watches priced at over 3,000 francs grew by 9.7%.

All the figures released by FH refer to exports data and not to sales to end-consumers. Differences between these two types of data may therefore exist. These data must
be regarded as consolidated figures gathering export results from all Swiss watch companies. They obviously cannot reflect the individual results of one particular company
or group of companies, knowing that business activity may greatly vary from one to the other.

The groups of materials that saw the highest decline in volumes were steel (-21.4%) and the Other materials
category (-37.4%). Value was driven mainly by watches made from precious metals (+7.8%) and steel (+2.9%).

Markets
Among the main regions, America (+21.7% compared with 2019) recorded the strongest growth thanks tothe United States, absorbing 17% of Swiss watch exports. In Asia (+1.0%), growth in China was offset byoften marked declines in most other markets on the continent. Its market share was 52%. Europe felloverall (-3.4%), with a market share of 29%.
Swiss watch exports per market in 2021

1. USA

3,078.8

Variation/2019+27.8%

2. China

2,967.2+48.8%

13.3%

3. Hong Kong

2,133.4-20.7%

9.6%

4. Japan

1,416.5-11.9%

6.4%

5. United Kingdom

1,334.0

-2.4%

6.0%

6. Singapore

1,276.9

+0.6%

5.7%

7. Germany

1,061.2

-5.9%

4.8%

8. UAE

995.5

+6.4%

4.5%

Markets

Mil of CHF

Share
13.8%

9. France

953.9-11.2%

4.3%

10. Italy

859.6-11.5%

3.9%

11. South Korea

749.1-18.7%

3.4%

12. Spain

341.9-12.9%

1.5%

13. Taiwan318.9

+3.0%

1.4%

14. Saudi Arabia

316.5

-1.8%

1.4%

15. Netherlands

292.1+12.6%

1.3%

World

22,296.7+2.7%

The United States (+27.8%) witnessed remarkable growth throughout the year and was once again theleading market for Swiss watch exports. China (+48.8%) came in just behind, thanks to continuing steadygrowth. Between them, these markets represented 27% of total value and accounted for most of the growthobserved.
Hong Kong (-20.7%), Japan (-11.9%) and South Korea (-18.7%) all saw sharp falls. Conversely, Singapore(+0.6%) returned to its 2019 level, while the United Arab Emirates (+6.4%) outstripped it.
In Europe, the United Kingdom (-2.4%) fared better but still declined and Germany (-5.9%) recorded a notable
fall, while the situation remained challenging in France (-11.2%), Italy (-11.5%) and Spain (-12.9%). The
Netherlands (+12.6%) grew strongly, probably for logistical reasons.
Contact:
Jean-Daniel Pasche, President
jean-daniel.pasche@fhs.swiss - 032 328 08 28

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