The 2024 Luxury Watch Market Report: Key Takeaways from Morgan Stanley & LuxeConsult

The luxury watch world saw significant shifts in 2024, according to the latest market report by Morgan Stanley in collaboration with LuxeConsult. The data reveals a polarized landscape where the strongest brands are thriving while many others face increasing challenges.

Market Contraction and Premiumization

• After three years of growth, the Swiss watch market contracted in 2024.

• The contraction is driven largely by declining mid-tier sales, while ultra-high-end watches (priced above CHF 50,000) continued to grow.

• These ultra-luxury watches now represent 33.5% of Swiss watch export value and accounted for 84% of market growth.

Dominance of the Big Four

• Rolex, Patek Philippe, Audemars Piguet, and Richard Mille now control 47% of the total market value.

• Rolex alone generated over CHF 10.5 billion in revenue, claiming 32% of the overall market.

• Since 2019, the Big Four have gained more than 10 percentage points in market share.

Winners and Losers in 2024

• Cartier held its position as the second-largest brand by market share.

• Omega saw a drop in performance, reflecting broader declines within the Swatch Group.

• Tudor, Rolex’s sister brand, experienced a sharp 37% drop in unit sales.

• The Swatch Group’s total market share dropped by 2 points to 18.3%.

Rise of Independents

• Independent watchmakers like F.P. Journe, H. Moser & Cie, and MB&F continued their growth in 2024.

• These brands are benefiting from a growing demand for exclusivity, heritage, and craftsmanship.

Key Trends Moving Forward

• The industry is seeing accelerated “premiumization,” with demand skewing toward higher-priced, rarer models.

• Collectors and consumers are increasingly drawn to artisanal and independent makers.

• Mid-tier brands may continue to struggle unless they adapt to evolving consumer expectations.

Final Thoughts

The 2024 watch market illustrates a sharper divide than ever before. As elite brands widen the gap and independents gain momentum, navigating this space requires insight, precision, and expertise.

Looking to make smarter decisions in the luxury watch space? TruePiece™ is here to guide you.

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