Luxury on the Wrist: High-End Watch Trade is Growing

As anticipated in the article New growth frontiers for luxury: Leather Goods in the markets of Thailand, Malaysia, Turkey and Poland
, in recent years the debate has intensified around the increasing vulnerability of the high-end segment, amid a progressively unstable international environment and evolving consumption habits and purchasing strategies among global consumers.
In this context, the availability of systematized foreign trade data provided by ExportPlanning makes it possible to apply an analytical and data-driven approach, offering an objective view of the dynamics that have shaped international trade and demand composition. The analysis of global trade in high-end Watchmaking stands as an emblematic example.

Global Watch Trade

In 2024, global Watch trade reached a value of €51 billion, following a gradual post-pandemic recovery. Particularly significant is the breakdown by price range: international trade in ultra-luxury Watches, identifiable with the Highest price segment, now represents over 57% of global trade flows in the sector. Considering also the Upper-Middle segment, roughly 75% of global trade in these products falls within high value-added ranges.

Source: ExportPlanning - Reporting Tool

The growing share of higher price ranges has been particularly evident for the Mechanical Wristwatch segment, which has undergone a gradual product transformation over the past century, evolving into a true status symbol. Unlike electric wristwatches, mechanical ones have progressively shifted from being mere time-measuring instruments to becoming design and prestige items — authentic fashion accessories, and in many cases, genuine collectible jewels to be worn on special occasions. This evolution appears to have protected them from the market introduction of new-generation wrist devices such as smartwatches and fitness bands.

The Rise of South Korea’s Mechanical Watch Imports

The South Korean market has experienced rapid and robust growth in Mechanical Watch imports over the past decades, reaching a value of €636.8 million in 2024.
Although there remains significant room for further expansion, it is noteworthy that the country’s imports are almost entirely concentrated in the highest price segments.

Source: ExportPlanning - Reporting Tool

Market leadership is largely held by Switzerland, which enjoys an undisputed international primacy thanks to its long-standing tradition in the field. However, among smaller exporters positioned at premium price levels, Italy also plays a noteworthy role.

Source: ExportPlanning - Reporting Tool

The Growing Relevance of the Emirati Market

While South Korea’s watch market has grown steadily since the Great Recession, a particularly remarkable surge — especially in the post-pandemic period — has been recorded in the United Arab Emirates: within just a few years, the value of Mechanical Watch imports has nearly doubled, concentrating in the highest price segments.

Source: ExportPlanning - Reporting Tool

Here too, Switzerland maintains an undisputed leadership; however, Italy appears to be carving out its own niche in the market.

Source: ExportPlanning - Reporting Tool

In the watchmaking industry, the ability to combine tradition with distinctive product features remains a key element of competitive resilience. Economic uncertainty and increasing market volatility have driven further upgrading of demand, which has shifted toward higher-quality segments. On one hand, interest in high-end watches as tangible investment assets has strengthened; on the other, the need to define the watch as a symbolic object — an expression of identity, taste, and status symbol — has emerged with equal force.

Conclusions

The evolution of high-end Watchmaking highlights the sector’s ability to merge tradition and innovation, maintaining its appeal even in an uncertain global context. Demand is increasingly focused on products with strong symbolic and qualitative value, confirming the role of the mechanical watch as an emblem of identity, investment, and style. In this scenario, the analysis of international trade flows remains an essential tool for interpreting the new trajectories of the global luxury market.