Counterpoint, a well-known research agency, predicts that the global premium smartwatch market (smartwatches with advanced operating systems) is expected to grow by 15% year-on-year in 2024. This growth was mainly driven by the launch of smartwatches equipped with Google WearOS, such as the Google Pixel Watch, OnePlus Watch 2, Samsung Galaxy Watch 6 series, etc. IN ADDITION, THE ADOPTION RATE OF HARMONY OS IS ALSO GROWING, AND THE HUAWEI WATCH FIT3 WATCH WILL BE RELEASED IN CHINA ON MAY 15.
There is a voice that believes that smartwatches will completely replace traditional mechanical watches. In terms of function, the integration of smart watches is much higher than that of traditional mechanical watches, in addition to convenient functions such as information reminders and QR code payment, it can also carry out accurate health tracking.
And from the point of view of highlighting one's identity and status, high-end watches still have a sense of existence. Its value lies in heritage, craftsmanship, aesthetics and emotional sustenance, and each watch is a work of art, representing respect for time and the pursuit of perfection. This kind of value beyond practicality is something that smartwatches don't have.
According to a report released by the Swiss Watch Industry Federation, Swiss watch exports increased by 7.6% to 26.7 billion Swiss francs (about 212.8 billion yuan) last year, hitting a record high; The total export volume was 16,923,059 pieces, a year-on-year increase of 7.2%. Exports of watches increased by 7.7% to CHF 25.5 billion. It is worth mentioning that watches priced at more than CHF 25,000 accounted for only 2.5% of total sales, but drove 69% of sales growth and 44% of the total value of exports.
The United States remains the largest export destination for Swiss watches, with exports up 7.0% year-on-year to CHF 4.162 billion, accounting for 15.6% last year. This was followed by Chinese mainland (CHF 2,762 million, up 7.6%), Hong Kong (CHF 2,356 million, up 23.4%), Japan (CHF 1,823 million, up 7.7%) and the United Kingdom (CHF 17.44, up 7.6%).
Here is the 2023 TOP 50 Swiss Watch List (total retail sales will reach CHF 36 billion):
Ranked 41-50 are Athens (Sophon), Baume & Mercier (Richemont), Oris, Frédérique Constant (Citizen), Roger Dubuis (Richemont), Parmigiani Fleurier, Dior (LVMH), Glashütte (Swatch), Bell & Mercier, and Golberforsie.
Ranked 31-40 are Mido (Swatch Group), Louis Vuitton (LVMH), Jack Leopard, Zenith (LVMH), Gucci (Kering), Harry Winston (Swatch Group), Joona, H. Moser & Cie., Certina (Swatch Group), Girard-Perregaux (Sophon).
[Note: For the first time, three independent brands entered the TOP50, with Jouna (sales of CHF 98 million), H. Moser & Cie. (sales of CHF 93 million) and Greubel Forsey (sales of CHF 50 million) ranked 37th, 38th and 50th respectively.]
In 21-30 places are Van Cleef & Arpels (Richemont), Chanel, Blancpain (Swatch Group), Piaget (Richemont), Lange & Söhne (Richemont), Franck Muller, Rado (Swatch Group), Breguet (Swatch Group), Montblanc (Richemont Group), Hamilton (Swatch Group).
Ranking 11-20 are IWC (Richemont), Hublot (LVMH), Swatch (Swatch Group), Jaeger-LeCoultre (Richemont), TAG Heuer (LVMH), Hermès, Tudor (Rolex), Panerai (Richemont), Bulgari (LVMH), Chopin.
Swatch Swatch, the entry-level brand of the Swatch Group, performed well, rising nine places to 13th, with sales up 63% year-on-year to CHF 660 million, three times the number in 2021 and the fastest-growing Swiss watchmaking brand for the second year in a row. Through the co-branding with two classics, Omega's Speedmaster and Blancpain's Fifty Fathoms, it has attracted a wider range of consumers. Among them, MoonSwatch, a co-branded series with Omega, sold more than 2 million units last year, accounting for 73% of the brand's total sales.
The top 10 brands monopolize 70% of the market. Tissot, a mid-range brand owned by the Swatch Group, once again entered the top 10, ending two consecutive years of decline. Breitling ranked ninth. Vacheron Constantin, a subsidiary of the Richemont Group, achieved sales of 1.097 billion Swiss francs last year, becoming the eighth watch brand to exceed 1 billion Swiss francs.
Longines, part of the Swatch Group, ranked seventh with sales of CHF 1.11 billion. Although Richard Mille sold only 5,600 pieces last year, the lowest number among the "Big Four" privately held brands, its average retail price was as high as 275,000 Swiss Swiss Swiss Watches 2023, the second highest among the 2023 Swiss Watch 50, behind Greubel Forsie's 313,000 Swiss francs.
The top five remained unchanged: Rolex, Cartier, Omega, Audemars Piguet and Patek Philippe, which together accounted for 50.2% of total sales.
Rolex ranked first, achieving revenue of 10.1 billion Swiss francs (about 80.5 billion yuan) last year, becoming the first Swiss watchmaking brand to break the 10 billion Swiss franc mark; The retail market share increased by 1.1 percentage points to 30.3%, more than the 2-6 combined. A total of 1.24 million watches were produced, including the Daytona, Submariner, and Datejust.