Rolex dominates Swiss watch market; US$11.2 billion in sales

Rolex dominates Swiss watch market; US$11.2 billion in sales
Rolex dominates Swiss watch market; US$11.2 billion in sales

Switzerland has consolidated its reputation as the main bastion of watchmaking worldwide, being recognized as the place of origin where mastery and precision merge in each of the watches that leave its workshops. The watches manufactured in this country are symbols of quality, elegance and durability, which has given them a prominent position in the global market.

In 2023, The Swiss watch industry marked a milestone by recording record sales totaling 26.7 billion Swiss francs, equivalent to US$30 billion. This remarkable achievement was largely driven by the industry’s most iconic brands, known as the “Big Four” (Rolex, Patek Philippe, Audemars Piguet and Richard Mille), which together secured a 43.9% market share. .

This significant increase, according to a study carried out by LuxeConsult and Morgan Stanley, This is compared to the market share before the pandemic, which stood at 36.9%.

Based on the study, Rolex dominates the Swiss watch market. According to data provided, Rolex watch sales surpass 10 billion Swiss francs ($11.2 billion) for the first time in 2023significantly surpassing rivals such as Cartier, with 3.1 billion Swiss francs (US$3.5 billion), and Omega, with 2.6 billion Swiss francs (US$2.9 billion).

Vacheron Constantin joined the billionaire club as the eighth brand to surpass CHF1 billion in salesreaching 1,097 billion Swiss francs (US$1,023 million),” the report noted.

Among the brands with the largest market share, Rolex stands out in first place with a 30.3% share in the retail market, followed by Cartier with 7.5%; Omega with 7.5%; Patek Philippe with 5.6%; and Audemars Piguet with 4.9%.

Although Premium watches priced above 25,000 Swiss francs ($28,000) drove 69% of market growth in 2023 and they constituted 44% of the total value of Swiss watch exports, its participation in the segment is minimal.

According to the data provided by the consulting firm, despite the notable contribution of value that this segment makes to the market, Its presence in terms of units sold is relatively limited, representing only 2.5% of the total volume.

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