The 2024 edition of the prestigious Geneva watch fair commenced on Tuesday against a backdrop of tempered demand in key markets such as China, coupled with restrained consumer spending on luxury goods worldwide.
Running until April 15, the Watches and Wonders salon serves as a showcase for 54 prominent watch brands, featuring the latest innovations from esteemed names such as Rolex, Patek Philippe, Cartier, Chopard, Hermès, and Chanel.
Notable figures from the world of entertainment and fashion, including Brazilian supermodel Gisele Bündchen and Chinese actor Wang Yang, were among the luminaries spotted exploring the array of timepieces on display at this hallmark event in Swiss watchmaking.
While Swiss watch exports achieved record-breaking figures for three consecutive years, culminating in a staggering $29.5 billion in 2023, recent trends indicate a deceleration in growth. After a remarkable surge of 31% in 2021 and a further 11% increase in 2022, the pace of expansion moderated, with exports registering a more modest 7.6% uptick in 2023.
Karine Szegedi, the consumer industry lead in Switzerland at auditing firm Deloitte, commented on the prevailing market dynamics, noting a discernible moderation in consumer behavior. “We are seeing an overall slowdown,” she remarked, citing a heightened sense of caution among clientele, particularly evident in China and Hong Kong, where consumption levels have yet to fully recover to pre-pandemic levels.
However, the impact of this deceleration varies across brands. High-end marques like Patek Philippe, buoyed by an affluent customer base less susceptible to economic fluctuations, have sustained their growth trajectory amidst the prevailing economic headwinds.
While the fair saw no unveiling of new model lines, Geneva-based watchmakers focused on refining existing offerings, emphasizing “harmonies of materials, colors, and textures” in this year’s iterations of iconic timepieces.
Highlights of the showcased collections include a grey and black bezel GMT-Master II, updated variations of the classic Day-Date, innovative designs for the Perpetual 1908 diverging from last year’s conventional options, and enhancements such as diamond embellishments for the Daytona and a redesigned bracelet for the Sky-Dweller. Notably, Rolex introduced its opulent 18-karat gold iteration of the Deepsea, signaling a departure from recent years’ ostentation towards a more subdued aesthetic approach, characterized by a blend of metal finishes and contrasting materials like diamond and mother of pearl.
