The luxury watch market experienced a dramatic surge in activity this past April, as collectors and retailers scrambled to secure timepieces ahead of potential tariffs on Swiss imports proposed by President Trump. Pre-owned watch sales soared by 160% on platforms such as Subdial, as buyers rushed to beat the clock on the looming levies imposed by US President Donald Trump.
The proposed 31% tariff on Swiss goods sent shockwaves through the industry. Although this was later reduced to a blanket 10%, uncertainty surrounding future trade relations and terms triggered a buying frenzy in both the US and UK markets.
Subdial, a leading secondary market platform, reported record-breaking sales of Rolex, Patek Philippe, and other high-end brands. While Subdial typically sees a spike in activity towards the end of the month, April’s surge was unprecedented, reflecting consumers’ strategic purchases in anticipation of rising prices due to the newly imposed tariffs and market uncertainty.
Swiss watch exports mirrored this urgency. According to the Federation of the Swiss Watch Industry, 1.3 million watches worth CHF 2.5 billion (approximately $3 billion) were exported in April, marking an 18% year-on-year increase. The report noted that exports to the US alone skyrocketed by 149%—the highest monthly figure on record. Interestingly, without this significant surge in the US market, global exports would have declined by 6.4%, underscoring the exceptional response from American buyers.
The secondary watch market is still recovering from the 2024 slump, which saw prices for coveted pre-owned Rolex and Patek Philippe models fall to a three-year low.
In the US, major Swiss brands including Rolex, Omega, and Audemars Piguet have already raised prices in direct response to the imposed tariffs and a strengthened Swiss franc.
While Switzerland seeks to negotiate bilateral trade agreements with the Trump administration, the watch industry is bracing itself for further volatility.
