Ticking up. (Source: FH)
The Swiss watch industry is showing resiliency despite a drop predicted for 2024, after three full years of record sales post-Covid.
The figures released by the Federation of the Swiss Watch Industry on Tuesday were the first of 2024: exports last month rose 3.1% when compared to January 2023. That year was already a banner year with watch exports reaching fresh records, a 7.6% bump compared to 2022.
These records are coming at a time when the industry is exporting half as many watches as it did in the early 2000s, a sign of the sector’s move upscale. January sales of watches in precious metal rose 13% year-over-year while steel watches fell 3%.
Meanwhile, more than 4,400 new jobs were created in the Swiss watch industry last year. Rolex alone is listing over 250 job openings on its career website. The brand launched a recruitment center in Bulle in December to staff a new production facility. The Swiss watch industry now totals more than 65,000 employees, a level that has not been reached since the 1970s.