Luxurynsight：2026全球奢侈腕表行业现状报告（英文版）（21页）.pdf

1、1THE LUXURY WATCH REPORT:THE LUXURY WATCH REPORT:STATE OF THE INDUSTRYSTATE OF THE INDUSTRYBulgari3EXECUTIVE SUMMARYEXECUTIVE SUMMARYThe luxury watch industry debuted the year in the context of a macroeconomic backdrop defined by persistent uncertainty,with Swiss watch exports contracting 1.7%Year-O

2、ver-Year to settle at CHF 25.6 billion(28.3 billion).This decline,though moderate in absolute terms,reflected the convergence of several structural headwinds that reshaped competitive dynamics across the sector.Among the most substantial was the sharp escalation in gold prices,which surged+65%over t

3、he year,climbing from around US$2,400 per ounce to breach the psychologically significant threshold of US$5,000.This rally exerted disproportionate pressure on the high-watchmaking segment,where gold remains a core material in case and bracelet fabrication,prompting a number of maisons to accelerate

4、 their exploration of alternative materials.Macroeconomic Context&Export ContractionThe tariff landscape emerged as a defining macro variable throughout 2025.The USA Administration introduced a 39%tariff in August,injecting considerable friction into transatlantic trade flows.Despite this measure,ex

5、ports to the United States registered only a modest 0.5%decline on a year-on-year basis,a relative resilience partly attributable to the sustained strength of the dollar against the Swiss franc.The Middle Eastern corridor,by contrast,delivered a notable bright spot:exports to the UAE rose+3.5%,buoye

6、d in part by the momentum surrounding Dubai Watch Week held in October.The most consequential regional deterioration,however,concerned China,where exports fell-12.1%in 2025 and a striking 34.8%versus 2023.This protracted downturn reflected a confluence of factors,including a subdued domestic consume