Swiss Watch Exports Post Modest Q1 2026 Gain, Outlook Still Uncertain

Swiss watch exports edged higher in the first quarter of 2026, reaching a total value of CHF 6.2 billion, a 1.4% increase over the same period last year, according to industry trade reporting. March alone closed with a 1% year-over-year decline, tempering the quarter's overall gain.

The regional breakdown was uneven. France recorded a striking 55% jump in Swiss watch imports since December, a shift analysts attribute more to logistics rerouting than genuine consumer demand growth. Meanwhile, India posted export growth exceeding 36%, pushing it into the top 15 destinations for Swiss watch exports for the first time, and Mexico grew more than 17.5%.

Luxury sector forecasters had projected moderate growth for 2026 heading into the year. One widely cited equity research estimate called for roughly 6% organic sales growth across the luxury market, while cautioning that visibility remained low due to macroeconomic, currency, and geopolitical risk. Later developments in the year added further uncertainty to that outlook.

For collectors and buyers, the underlying signal is less about any single quarter's headline number and more about a market in transition: emerging markets like India and Mexico gaining share while core Western markets stabilize at a slower pace than in the post-pandemic boom years.