Luxury Swiss watch exports to the United States have soared, fueled by affluent American collectors seeking to outpace impending tariff hikes under the Trump administration. In a remarkable display of resilience, the U.S. market accounted for nearly $1.03 billion (851.9 million Swiss francs) in Swiss watch imports – effectively sustaining an otherwise faltering global luxury sector.

According to the Federation of the Swiss Watch Industry, the unexpected boom stemmed largely from early shipments prompted by looming customs duties. While many luxury markets have softened, the American appetite for high-end watches – particularly from brands like Rolex, Patek Philippe, and Audemars Piguet – remains undiminished.

“The surge in Swiss watch exports to the U.S., despite the backdrop of Trump-era tariffs, is a clear indication of the unique resilience and desirability of luxury watches among affluent American consumers,” said Andrew Du Plessis, Commercial Director of The Luxury Network USA.

Beyond traditional collectors, new buyers are entering the market – many viewing fine watches not just as symbols of status, but as stable investment assets.
Neri Karra Sillaman, author and entrepreneurship expert at the University of Oxford’s Saïd Business School, explained that more first-time buyers are turning to watches as tangible stores of value. “A Patek, a Royal Oak, or even a well-kept vintage piece is seen as an investment,” she said. “In times of economic volatility, people are putting their money into things they believe will hold value – just like gold.”

The federation reported that replica watches with export prices above $3,600 (3,000 francs) led the charge, with growth reaching 22.9%. This premium segment, dominated by high-complication or precious-metal pieces, has become the heartbeat of the luxury market’s endurance.

Yet uncertainty looms. The Trump administration’s so-called “liberation day” tariffs, announced on April 2, threaten to upend the industry. The new measures could impose duties as high as 31% on Swiss-made goods, including luxury watches – well above the 10% baseline. Analysts warn this could drive up retail prices even for pre-owned Rolex models, further tightening an already constrained market.

The materials most affected by these tariffs – steel, gold, and bimetallic combinations – are precisely those that have driven recent growth. Steel watches rose 18.9% in export volume, while precious metal pieces climbed 9.5%. These gains, however, mask a broader global slowdown: without the surge from the U.S., total Swiss watch exports would have fallen 6.4%, dragged down by steep declines in China (-30.5%), Hong Kong (-22.8%), and Singapore (-9.2%).

Asia’s luxury sector, once the crown jewel of Swiss watchmaking demand, continues to cool. With regional economies softening and discretionary spending slowing, even powerhouse brands like Rolex, Cartier, and Patek Philippe are finding it harder to expand their footprint there.