Although the outlook for 2025 isn’t overly optimistic due to the subdued Chinese market and changing worldwide consumer preferences, leading luxury watch manufacturers are showing no signs of restraint in their presentations at Geneva.
Watches and Wonders, the annual event taking place in Geneva, Switzerland, offers a glimpse into the present state of the industry.
current condition of the high-end watch market
. Led by market frontrunners such as
Rolex, Patek Philippe, and Cartier
Creating buzz with their recent releases, along with independent labels presenting their fresh designs, the exhibition draws in reporters, store owners, enthusiasts, and aficionados who explore the stalls—many of which are remarkably lavish—at Palexpo, a conference center close to the city’s airport.
Despite remaining at the forefront of luxury watch production, Switzerland experienced a downturn in 2024 following several years of expansion during and post-pandemic, where affluent consumers who couldn’t travel lavished their money on watches and similar expensive goods. The Federal Watch Industry reported that Swiss watch exports fell by 2.8 percent last year to reach 25.9 billion Swiss francs ($29.59 billion). This decline was largely attributed to a significant drop of over 25 percent in sales within China.
Although the United States and Europe have experienced somewhat milder impacts, China—including significant markets like Hong Kong and Macau—has faced an economic downturn due to a property market crisis and high levels of youth unemployment on its mainland.
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Many new releases showcased during Watches and Wonders frequently lead to long waitlists for devoted enthusiasts, yet predictions for 2025 appear less optimistic based on data from the initial two months of this year. Although Swiss watch exports increased by 4.1 percent year-over-year in January 2025, they dropped by 8.2 percent year over year in February, particularly due to sluggish sales in China and Hong Kong.
Cyrille Vigneron, the president of the Watches and Wonders Geneva Foundation, acknowledges that forecasting trends for 2025 remains challenging due to recent uncertainties altering worldwide consumer behavior. For example, following the Russian invasion of Ukraine, Russian consumers have shown different purchasing habits.
moved to Dubai
In both Istanbul and China during the coronavirus pandemic, we saw a notable increase in luxury expenditures due to heightened domestic consumption as travel restrictions prevented people from purchasing goods overseas. According to Vigneron’s remarks made during an interview in Geneva, “China’s implemented stimulus measures should play a crucial role.” He expresses optimism about China continuing to lead economically: “It seems likely that China will remain at the forefront; however, timing remains uncertain. Predicting future trends is challenging, yet stimulating local consumer demand and addressing the property market could potentially usher in another phase of economic expansion.”
When discussing uncertainty, Vigneron concurs that although the U.S. has performed exceptionally well recently—surpassing China as the biggest watch market—the protectionist measures implemented under the Trump administration are now raising questions about the stability of its luxury consumer base.
One point that many would concur with is that the watchmaking sector has grown quite divided, featuring only a few independent producers alongside large conglomerates like
Cartier owner Richemont
And withOmega owned by the Swatch Group—dominatingthe industry. As statedina reportbyMorganStanley andconsultancyLuxeConsult, what’sknown asthe “BigFour”(whichincludes Rolex,PatekPhilippe,AudemarsPiguet,andRichardMille)—are collectively securinganimpressivecombinedmarketshare of47percent.
Although it’s still too soon to gauge the overall reaction to this year’s fair – which is set to welcome visitors over the coming weekend – the atmosphere remains optimistic. According to both Vigneron and Matthieu Humair, the CEO of the Watches and Wonders Geneva Foundation, registrations have surpassed those from prior years.
While wandering through the corridors of the fair, it was hard not to notice a much younger and more varied group of attendees. As Humair explains, “The youthful generation comes with the desire to explore innovations as well as enjoy experiences when visiting us. They seek out exceptional offerings from renowned watchmakers which prompted us to introduce fresh interactive zones within the exhibit for networking purposes. Additionally, we extended our reach into the heart of Geneva by opening up parts of the event throughout the city.”
In an industry long perceived as somewhat exclusive, particularly during events like Watches and Wonders, these changes are highly promising. They’re making sophisticated knowledge, heritage, cutting-edge technology, and artistic designs accessible to a fresh generation of watch enthusiasts. This group tends to wear their timepieces with sneakers or kitten heels rather than opting for formal attire such as suits and ties.
Here are some key points from Watches and Wonders 2025.
Rolex
, the sector’s premier luxury label, grabbed attention with the reveal of the
Oyster Perpetual Land-Dweller
Tennis icon Roger Federer, who endorses Rolex, stopped by the brand’s exhibit at the fair when it opened on the first day.
Patek Philippe
Introduced 15 new models demonstrating advanced technology, featuring a fresh Calatrava model with instant day-and-date display along with an eight-day power reserve capability.
The leading global luxury conglomerate LVMH showcased its array of brands such as Tag Heuer and Hublot, along with its jewelry offerings at the event.
Bulgari
, which presented its latest creations as part of the official Watches and Wonders collection for the first time (recently, LVMH appointed Bulgari’s CEO Jean-Christophe Babin as the head of LVMH Watches). The Italian jewelry house set new benchmarks with the introduction of the Octo Finissimo Ultra Tourbillon, the slimmest automatic flying tourbillon wristwatch ever crafted.
Not surprisingly, the Swiss-based luxury conglomerate Richemont, which announced a 10 percent increase in quarterly sales in January thanks to the outstanding performance of jewelry brand Van Cleef & Arpels, led the event with its collection of labels, featuring one that dates back 270 years.
Vacheron Constantin
, where the world’s most intricate wristwatch was unveiled. The two-faced Les Cabinotiers Solaria Ultra Grand Complication La Première features an astounding 1,521 parts, 41 complications, and has been awarded 13 patents.
Powerhouse
Cartier
In the meantime, it honored its legendary designs through a fresh take on the Panthère watch, showcasing a design inspired by both zebras and tigers. Additionally, they presented the Tank A Guichets, a revamped edition of their classic Tank model, distinguished by its use of digital time indication.
Jaeger-LeCoultre
Additionally, the spotlight was on its iconic timepiece, the Reverso. This collection features two floral-themed editions—the Reverso One Precious Flowers Green Arums and the Reverso One Precious Flowers Purple Arums—which stand out as remarkable creations designed for the brand’s numerous female admirers (each model will have only ten pieces made).
Audemars Piguet and Richard Mille, along with Swatch Group brands like Omega and Longines, choose not to participate in the fair. Instead, they prefer unveiling their new pieces to clients and media beyond the conventional watch show circuits.
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The article initially appeared on the South China Morning Post (www.scmp.com), which serves as the premier source of news covering China and Asia.
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