Everyone seemingly wants to get their hands on a luxury watch ahead of Trump’s tariffs.
A report from the Federation of the Swiss Watch Industry found that Swiss watch exports grew by 18.2% in April.
The US accounted for nearly $1.03 billion (851.9 million Swiss francs) in watch imports, propping up an otherwise struggling global market.
The surge in Swiss watch exports to the United States was “mainly the result of early shipments, motivated by the increase in US customs duties,” the federation said.
“The surge in Swiss watch exports to the US, despite the backdrop of Trump-era tariffs, is a clear indication of the unique resilience and desirability of luxury timepieces among affluent American consumers,” explained Andrew Du Plessis, commercial director for the Luxury Network USA.
Neri Karra Sillaman, author and Entrepreneurship Expert at the University of Oxford’s Said Business School, told BI, that the watch industry is seeing a rise in interest—not just from traditional collectors but also from first-time buyers treating timepieces as hard assets.
The federation observed watches with an export price above $3,600 (3,000 francs) “set the tone, with growth of 22.9%.”
“A Patek, a Royal Oak, or even a well-kept vintage piece is seen as an investment,” said Neri Karra Sillaman. “In times of economic volatility, people are putting their money into things they believe will hold value—just like gold.”
“People trust the value of a Rolex or a Patek Philippe more than a volatile stock right now,” she added.
On April 2, Trump announced so-called “liberation day” tariffs targeting Swiss-made goods, including luxury watches. While the baseline rate is 10%, Swiss exports could face tariffs as high as 31%.
The main growth drivers by value were watches made from precious metals, steel/gold-steel, and bimetallic watches — materials targeted by Trump’s additional tariffs, which analysts said could make buying a Rolex even more expensive.
Steel watches led to an increase in volume by 18.9%, and precious metal by 9.5%.
However, without the American bump, total Swiss watch exports would have actually declined by 6.4%, with major markets like China and Hong Kong showing sharp declines of 30.5% and 22.8%, respectively. Singapore also suffered a decline in exports by 9.2%.
The Asian market has suffered from a luxury slowdown in recent years, with brands like Rolex, Cartier, and Patek Phillipe struggling to increase brand sales.
