The State of the Luxury Watch Industry in 2024
The luxury watch industry continues to thrive, blending heritage craftsmanship with modern marketing power. Two recent datasets — global rankings from 2017 to 2024 and estimated 2024 market turnover figures — provide a clear picture of where brands stand and how they’ve adapted to shifting consumer demand.
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| The Tissot Le Locle - Price: $715 |
Rankings Stability and Shifts (2017–2024)
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| Source: Morgan Stanley Swiss Watch Report |
The first chart highlights the top 20 brands’ rankings over the past eight years.
- Rolex remains unrivaled at #1, a consistent leader since before 2017.
- Omega and Cartier continue their duel for second and third place, with Cartier solidifying itself as a top contender in the last four years.
- Audemars Piguet and Patek Philippe have leapfrogged into the top five, while Tissot has gradually slipped, losing ground to higher-priced maisons.
- Jaeger-LeCoultre has faced the sharpest volatility, dropping out of the top 10 briefly before recovering to mid-table prestige rankings.
Market Size vs. Units Sold (2024 Snapshot)
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| Source: Morgan Stanley Swiss Watch Report |
The second chart compares turnover versus units sold among the top 15 watch brands, using a log scale for clarity.
- Rolex sits in a league of its own — moving over 1.17 million units and generating more than CHF 10.5 billion in turnover, securing 32% of the implied retail market.
- Cartier and Omega balance strong volumes with high turnover, cementing their positions as “volume luxury” leaders.
- Audemars Piguet, Patek Philippe, and Richard Mille show the opposite: fewer units, massive turnover, with average retail prices often exceeding CHF 50,000.
- Longines and Tissot dominate the affordable luxury space, moving millions of pieces annually, but at much thinner margins.
The Tariff Factor and Pricing Power
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| The Vacheron Constantin Overseas Perpetual Calendar Ultra-Thin - Price: $120,000 (Rose Gold) |
Looking ahead, tariffs on Swiss watches — particularly in the U.S. and China — are weighing on strategies. Higher duties could reshape how brands allocate inventory globally. Brands with broad market appeal like Omega and Cartier may absorb costs through volume, while exclusivity-driven maisons like Patek or Richard Mille may pass them directly to consumers.
Several watchmakers have already raised prices in 2024, including Rolex, Patek Philippe, and Audemars Piguet, citing increased production costs and currency fluctuations. Entry-level brands under Swatch Group, such as Tissot, have also nudged prices upward, though more modestly.
The industry remains resilient, but consumers should expect continued price hikes across most segments, with tariffs and limited production capacity giving brands little incentive to hold back.
Several watchmakers have already raised prices in 2024, including Rolex, Patek Philippe, and Audemars Piguet, citing increased production costs and currency fluctuations. Entry-level brands under Swatch Group, such as Tissot, have also nudged prices upward, though more modestly.
The industry remains resilient, but consumers should expect continued price hikes across most segments, with tariffs and limited production capacity giving brands little incentive to hold back.