Morgan Stanley Swiss Watch Industry Report for 2024 was just released, and the numbers do not look good: https://www.nytimes.com/2025/02/12/fashion/watch-prices-increase-patek-philippe.html
ROLEX
Rolex sales dropped from 1.24 million units in 2023 to 1.18 million in 2024.
Tudor sales dropped from 255K in 2023 to just 160K in 2024. Their sales have dropped 44% since 2021.
SWATCH
Omega sales dropped from 570K units to 505K in 2024. Longines sales dropped from 1.6 million units to just 950K in 2024, a major 40% drop.
Blancpain, Rado, Breguet, Hamilton and Mido all suffered sharp sales declines. The NYT article speculates that Swatch Group has been hit the hardest by the rise of Chinese brands in the entry-level luxury watch market. This is after Swatch had seen a sharp rise in sales in 2023 due to the Moonswatch, which they couldn't maintain in 2024 with the Blancpain collab. Tissot saw sales drop from 3.1 million units to 2.5 million.
RICHEMONT
Cartier was one of the few brands that enjoyed increased sales in 2024, from 660K to 680K. VC, IWC and JLC all saw sales drops.
INDEPENDENTS
...did pretty well actually. AP, Patek, F.P. Journe and Richard Mille all saw sales increases last year.