This year's Geneva Watch Show, known as Watches Wonders, opened in a more subdued atmosphere after three years of impressive growth, reflecting a slight slowdown in the luxury industry, particularly in China.

The show features 54 well-known brands including Rolex, Patek Philippe, Cartier, Chopard, Hermès and Chanel showcasing their latest innovations. The event, primarily aimed at professionals, will open its doors to the public for three days from Saturday, offering various activities and social media content.

Head of Consumer

Karin Szegedi, Deloitte's head of consumer sector in Switzerland, noted the cautious approach of shoppers due to slowing growth and other factors such as inflation and layoffs in the technology sector. These changes are starting to affect watch component suppliers and are causing a reduction in orders.

Thierry Stern, head of Patek Philippe, acknowledged the more subdued mood at the show, characterizing it as a return to reality. However, he expressed optimism about his brand's prospects, asserting that all the watches produced will find buyers.

Slowing growth

Still, despite the slowdown in growth, premium brands remain resilient thanks to an affluent clientele less sensitive to economic fluctuations. Analysts expect a soft landing, with watch export growth slowing to 4% in 2024.

However, observers note that despite the more subdued climate, there were many impressive new products and offerings at the show, which supports optimism in the luxury industry.