Swiss Watch Exports up 1,4% over Q1 2026, Outlook still Uncertain

The Swiss Watch Federation has just released its figures as of the end of March 2026. The month of March closed with a 1% decline in watch exports. More importantly, it provides a view of the trend for the first quarter of the year. Total exports reached CHF 6.2 billion, representing a modest increase of 1.4% compared to the previous year, pointing to a relatively stable performance.

The overall trend across the main markets is that most are stabilising around an equilibrium point, with the notable exception of France, where there has been a sharp increase (+55%) in Swiss watch exports – likely driven by technical factors rather than underlying market demand – this has been observed since December and is most likely linked to the redirection of logistic flows. As for emerging markets, India stands out with very strong growth of over 36%, entering the top 15 destinations for Swiss watch exports, while Mexico has also delivered a solid performance with growth exceeding 17.5%.

The forecasts for the luxury goods sector were projecting a moderate growth for 2026. For example, after a flat 2025, BNP?Paribas Equity Research forecast was of “a 6% organic sales growth for the luxury market in 2026, although visibility remains low due to macroeconomic, currency and idiosyncratic risks.” But this was, of course, before the Iran conflict started… The outlook for the watch industry remains uncertain, particularly given ongoing macro-economic and geopolitical headwinds. While there had been some hope that the sector had reached the bottom of the cycle, recent signals suggest the recovery is still fragile and uneven.

For more details, please visit www.fhs.swiss.