Swiss watch exports crept back into the green in mainland China in September 2025 – yet the headline masks a far deeper problem in the broader Asia market. According to the Federation of the Swiss Watch Industry, shipments to China rose 17.8 % year-on-year to CHF 151.7 million (about RMB 1.38 billion or US $190.6 million), even as total Swiss watch exports slid 3.1 %.
For China, this uptick offers a faint signal of renewed momentum after a punishing slump. In other words, the single month rebound looks promising, but it arrives against the backdrop of a two-year erosion of Chinese demand.
Why does this matter? China remains one of Switzerland’s top three export destinations by value, alongside the U.S. and Hong Kong. For brands that built their growth model on Chinese aspirational luxury buyers, the pivot from boom to bust is still underway. The bounce in September suggests the trough may be behind us – but the industry is scarcely celebrating.
Globally, the Swiss watch industry is wrestling with multiple headwinds. The U.S. market, by far the largest single export destination, collapsed 55.6 % in September to about CHF 157.7 million. That drop was largely driven by U.S. tariffs introduced in August.
Only one price-segment is growing: export-price watches in the CHF 500-3 000 (about RMB 4,000 – 24,000, or US $550 – 3,300 per watch) band rose 4.2 %, while price brackets on either side of those figures shrank.
For Swiss brands, the message is clear: China’s appetite isn’t gone, but it may not be the steam engine of consumption it once was. In the world’s most-watched luxury market signs like this can easily be misread. This uptick in China sales are flickers of renewed willingness to spend, especially by those chasing affordable luxury. As global brands continue to treat China as a key growth engine, investing heavily in marketing, e-commerce and flagship stores, that might be something they’d do well to notice.
