US trade policy weighed heavily on Swiss watch exports to their largest market in 2025, the Federation of the Swiss Watch Industry (FH) said, and the 2026 data shows the aftermath. Shipments to the United States jumped 150% in April 2025 after additional tariffs were announced, leaving a very high base for comparison. In the first half of 2026 they were down 14.8% from a year earlier, and after three months of double-digit gains through July, they fell 19.4% in August 2026 even against what the FH called a favorable basis for comparison.
Meanwhile, US shoppers are paying more. The Bureau of Labor Statistics index for jewelry and watches rose 8.2% in the year to August 2026. This Price Trail follows both numbers and a bright spot in the Swiss data: cheaper mechanical watches and two-tone cases, where volumes are rising.
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US shipments down 19% in August after three up months; entry-level mechanicals grow
Swiss watch exports to the US fell 14.8% in the first half of 2026 and, after double-digit gains from May to July, 19.4% in August 2026, while mechanical watches under 500 francs rose 23.8% in volume in the first half.
Our editorial reading of the cited data, not a forecast. How it is scored
By the numbers
What the export data says
The FH publishes export figures every month. They measure shipments leaving Switzerland, not sales to consumers, and the federation notes the two can differ. For 2025 as a whole, Swiss watch exports fell 1.7% to 25.6 billion francs, the second annual decline in a row, and the number of watches exported fell 4.8% to 14.6 million. The US took 17% of exports, which the FH says consolidated its status as the main destination market, with value down 0.5% for the year.
The first half of 2026 was flat overall, with exports down 0.7% to 12.8 billion francs, but the US fell 14.8%. The FH points to a very high comparison base, since exports to the US rose 150% in April 2025 after additional tariffs were announced, and notes the two-year change against the first half of 2024 is still up 2.6%.
August 2026 broke a three-month run of double-digit US gains, which reached 26.5% in July. Total exports rose 9.1%, taking the twelve-month moving average into positive territory for the first time in two years, and the January-to-August total was up 1.7%, above 17 billion francs. Yet exports to the US fell 19.4% to 197.5 million francs. The United Kingdom rose 46.1%, Japan 22.1% and China 15.8%. The US was still the largest single market in August, but its share of Swiss exports was 11.0%, against 26.7% in July.
| Period | Exports to the US | All markets |
|---|---|---|
| Full year 2025 | −0.5% | −1.7% |
| First half of 2026 | −14.8% | −0.7% |
| July 2026 | +26.5% | +9.6% |
| August 2026 | −19.4% | +9.1% |
Why US prices are climbing
The BLS jewelry and watches index combines both categories, so it cannot isolate Swiss watches, but its direction is clear: up 8.2% from August 2025 to August 2026, against 3.4% for all items. A narrower BLS index for watches alone rose 9.2% over the same period. The combined index is volatile month to month; on a seasonally adjusted basis it fell 5.2% from May to June, rose 2.2% from June to July and fell 1.6% from July to August 2026.
Two forces show up in the Swiss data. The first is trade policy. The FH described the first half of 2026 as marked by a high level of volatility in the United States following the imposition of further tariffs, and it says uncertainty remains particularly high over tariffs the US government may impose on Switzerland. Across all US imports, Yale’s Budget Lab says Section 122 tariffs expired on July 24, 2026 and were replaced with new tariffs under Section 301.
The second is materials. Watches made from precious metals fell 6.5% in value in the first half of 2026 while bimetallic models rose 20.0%, a transfer of demand the FH says is “mainly explained by the price of materials.”
US prices for watches and jewelry are rising much faster than overall inflation while Swiss shipments to the US swing sharply from month to month.
The entry-level mechanical boom
The volume story runs the other way. The FH says first-half 2026 volumes were “mainly driven by mechanical watches with an export price below 500 francs, which were up by 23.8%.” More than 7 million watches were exported in the half, up 2.3%. In value terms the weakest band was the middle: watches with export prices of 500 to 3,000 francs fell 5.7%.
August confirmed the pattern at both ends of the range. Watches under 200 francs rose 14.9% in units and 13.3% in value, the 200-to-500 band rose 7.4% in units and 6.1% in value, the 500-to-3,000 band slipped 1.9% in units and 0.9% in value, and watches above 3,000 francs rose 10.2% in value.
Keep in mind that these are export price bands, not shelf prices. A watch that leaves Switzerland at under 500 francs reaches a US store after shipping, import duties and retail margins, so read the FH bands as tiers rather than price tags.
| Export price band | Units, Aug 2026 | Value, Aug 2026 |
|---|---|---|
| Under CHF 200 | +14.9% | +13.3% |
| CHF 200–500 | +7.4% | +6.1% |
| CHF 500–3,000 | −1.9% | −0.9% |
| Over CHF 3,000 | +2.6% | +10.2% |
| All wristwatches | +9.5% | +8.6% |
Two-tone over solid gold
The material mix shifted too. In the first half of 2026, precious-metal watches fell 6.5% in value, bimetallic models rose 20.0%, the Other metals category rose 14.4% and steel watches fell 6.5%. In August, bimetallic watches rose 20.1% in value, precious metals 6.9% and steel 2.8%, while the Other materials category jumped 20.6% in units and 31.9% in value.
For a buyer, the practical reading is that the Swiss industry is shipping more two-tone designs and lower-priced mechanicals, and relatively fewer solid precious-metal pieces. If precious-metal prices are pushing demand toward gold-and-steel cases, as the FH suggests, we would expect new designs and choice to concentrate there.
Who should buy now, and who should wait
If you want an entry-level mechanical watch, the FH says mechanical watches under 500 francs led first-half export volume growth, up 23.8%. If you are shopping at higher prices, the US jewelry and watches index is up 8.2% in a year and the tariff outlook for Swiss goods remains unsettled; waiting has not brought lower prices over the past year, despite a 1.6% seasonally adjusted dip in August.
The pre-owned market is another route. eBay says it integrated Enquirus, a global database of registered luxury watches, across the US, UK and Germany in the second quarter of 2026, as part of its luxury resale push. Wherever you buy used, check the watch against its papers and serial number records before paying. For more on accessories and the wider apparel market, see our fashion and apparel coverage.
What to watch next
- The FH’s September 2026 export figures, scheduled for October 20, 2026: a second straight month of US declines would show that August was not a one-off
- The BLS jewelry and watches index in the September 2026 CPI, after a 1.6% seasonally adjusted drop in August
- Any US tariff action specific to Switzerland, which the FH flags as a key uncertainty for the industry
Where to start
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Watch types for buyers following the price trail
| Product type | Good fit for | Where to look |
|---|---|---|
| Automatic watch with sapphire crystal | Fits a first mechanical watch | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Solar-powered analog watch | Fits no battery changes | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
| Automatic watch winder | Fits keeping an automatic running | See listings on AmazonOpens Amazon search results, not one listing: check the model on the product page. |
Product types that fit the trend described above, not tested models. Check the exact listing before you buy. How we pick them.
Automatic watch with sapphire crystal
Where to look: Amazon
Swiss mechanical watches under 500 francs led first-half 2026 export volume growth, the FH says. Check the movement named in the listing and the water resistance.
- No battery to replace
- Sapphire resists scratches
- Needs regular wear or a winder
- Less accurate than quartz
Solar-powered analog watch
Where to look: Amazon
An alternative to the mechanical price trail: light-charged quartz models avoid battery swaps. Check the power reserve in darkness.
- Charges from light
- Quartz accuracy
- Not a mechanical movement
- Needs regular light exposure
Automatic watch winder
Where to look: Amazon
Useful if you rotate between watches. Check that the turns-per-day and direction settings match your movement.
- Keeps an automatic wound between wears
- Saves resetting date and time
- Needs power or batteries
- Settings must match the movement
More: Fashion and Apparel trends and how the Trend Signal is scored.
Sources
- Swiss watchmaking in August 2026 — Federation of the Swiss Watch Industry FH
- Swiss watchmaking in July 2026 — Federation of the Swiss Watch Industry FH
- Swiss watch exports in the first half of 2026 — Federation of the Swiss Watch Industry FH
- Swiss watch exports in 2025 — Federation of the Swiss Watch Industry FH
- Watch export statistics and release calendar — Federation of the Swiss Watch Industry FH
- Consumer Price Index, August 2026, Table 2 — U.S. Bureau of Labor Statistics
- The State of U.S. Tariffs, August 24, 2026 — The Budget Lab at Yale
- eBay Inc. Reports Second Quarter 2026 Results, Exhibit 99.1 — SEC filing
Questions readers ask
Are Swiss watches more expensive in 2026?
US prices for jewelry and watches rose 8.2% from August 2025 to August 2026, according to the BLS CPI, compared with 3.4% for all items. The index covers jewelry and watches together, so it cannot isolate Swiss watches.
Why are Swiss watch exports to the US falling?
The FH cites volatility following US tariffs and a high comparison base after exports to the US jumped 150% in April 2025. In 2026, exports to the US grew by double digits for three straight months through July, before falling 19.4% in August despite a favorable comparison.
Which Swiss watches are selling more?
In the first half of 2026, volumes were driven by mechanical watches with an export price under 500 francs, up 23.8%. Bimetallic models rose 20.0% in value while precious-metal watches fell 6.5%.
Is the US still the biggest market for Swiss watches?
It was in 2025, with 17% of Swiss watch exports. Monthly shares swing widely: the US took 26.7% of exports in July 2026 and 11.0% in August, when it was still the largest single market.
