US demand lifts Swiss watch exports as Asia stays weak

Swiss watch exports rose 9.6% in July, according to figures reported by WWD, with double-digit growth in the United States and exports to France doubling year on year. The gains came even as demand across several Asian markets remained weak, underlining how uneven the recovery in luxury watch demand has become by region.

The figures point to a rebalancing of where Swiss watchmakers are finding growth. China's slower discretionary spending has weighed on the sector for several quarters, and brands have increasingly looked to the United States and parts of Europe to offset that softness. A doubling of exports to France in a single month is a notable swing, though it may reflect timing effects such as restocking or a strong prior-year comparison base, rather than a durable structural shift.

For watch brands and their retail partners, the data reinforces a strategic question that has been building all year: how much to lean into US retail expansion, service and pre-owned programmes versus waiting for a Chinese recovery that keeps getting pushed back. Executives will be watching whether the American momentum holds into the autumn selling season, and whether France's spike proves to be a one-off or the start of a firmer European rebound. Either way, the industry's centre of gravity is shifting westward for now, even if only temporarily.

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