The luxury watch industry experienced a mixed year in 2024, with Rolex maintaining its dominant position while the broader market faced significant challenges. According to a detailed report by Morgan Stanley and LuxeConsult, the industry contracted after three years of post-pandemic recovery, driven by macroeconomic uncertainties and geopolitical tensions, particularly in key markets like the US, Europe, and China.
The report highlights a growing polarization within the market. While top-tier brands like Rolex, Patek Philippe, Audemars Piguet, and Richard Mille continued to thrive, many second-tier brands saw sharp declines in sales. The high-end segment, particularly watches priced above CHF 50,000, accounted for 33.5% of Swiss watch exports and 84% of the market's growth in 2024.
Overall, the combined turnover of the top 50 brands dropped from CHF 36.1 billion in 2023 to CHF 35.3 billion in 2024. The number of units sold also fell significantly, from nearly 16 million to just over 13 million, indicating a rise in average watch prices.
Rolex remains the undisputed leader, with an estimated turnover surpassing CHF 10.5 billion in 2024, up by CHF 500 million from the previous year. The "Big Four" brands—Rolex, Patek Philippe, Audemars Piguet, and Richard Mille—collectively captured 47% of the market share, a significant increase from 36.8% in 2019.
In contrast, Tudor, Rolex's sister brand, struggled, reflecting the broader challenges faced by mid-tier brands. Cartier, owned by Richemont, solidified its second-place position, while Omega, part of the Swatch Group, rounded out the top three despite the group's overall decline.
