Swiss Watch Exports Have Record Year as U.S. Becomes Top Market

Corinne Gretler and Andy Hoffman, Bloomberg News

An RM 16-01 Automatic Citron watch from the 'Bonbon' collection stands on display on the Richard Mille stand during the Salon International de la Haute Horlogerie (SIHH) in Geneva, Switzerland, on Tuesday, Jan. 15, 2019. The elephant in the room at this week’s Swiss watch fair in Geneva is that the industry is still struggling to find buyers for all the timepieces it has produced over the years. , Bloomberg

(Bloomberg) -- Swiss watch exports had a record year amid booming demand in the U.S., which overtook China to become the industry’s top market for the first time in more than a decade.

Shipments rose 31% to 22.3 billion francs ($24.1 billion) last year, the Federation of the Swiss Watch Industry said Thursday. The industry has recovered from a 22% decline in 2020, a drop that was on par with the 2009 financial crisis.

The luxury-goods industry has bounced back swiftly from the pandemic, helped by savings accumulated during lockdowns and online sales. Swiss watchmakers were able to sell more timepieces in the U.S. and China amid strong local demand, offsetting slower purchases in Europe, which suffered from a lack of high-spending tourists.

Swatch Group AG said 2021 earnings rebounded Tuesday, while Richemont had its fastest holiday-season sales growth in at least a decade.