Watches & Wonders: Vintage revivals, China demand slows

Referred to as “the rendezvous of the watchmaking industry,” Watches and Wonders has returned for another installment of horology heaven. From April 1 to April 7, buyers, journalists, influencers, and industry insiders are converging in Geneva, Switzerland, to witness the world’s top watchmakers unveil their latest releases and innovations for the year ahead. The big hitters Every year, attendance from industry giants like Rolex, Patek Philippe, and Cartier is highly anticipated. A 2025 report from Morgan Stanley and LuxeConsult on the Swiss watch industry shows that Rolex, Patek Philippe, Audemars Piguet, and Richard Mille collectively account for 47% of the market share, with Rolex alone holding about 33%. Some of the buzziest releases from the show so far have been a diamond-studded iteration of the Cartier Baignoire, a modern take on the revived Cartier bathtub watch. Jewelry content creator Kira Kirby took to TikTok to describe the new release as “infinitely more unique than the classic Baignoire bangle.” A surprise debut was the Rolex Land-Dweller, the first of Rolex’s new models in decades. The watch draws inspiration from vintage designs, particularly the 1970s Oyster Quartz. This vintage revival is a recurring theme at this year’s Watches & Wonders. The Piaget Sixties, the IWC Ingenieur Automatic 35, the Bulgari Serpenti Aeterna, and the Rolex Land Dweller 36 were among the pieces this year that piqued the interest of Charity Mhende, founder of horology blog Pulse on the Wrist. Mhende noted another trend this year: brands embracing greater design inclusivity. “We’re seeing a thoughtful range of metals, designs that work for both jewelry lovers and sportier tastes, and watches that feel genuinely versatile.” A dip into the archives Cartier continues to prove its ability to revive classics and create fresh designs year after year. At Watches & Wonders 2025, the brand announced plans to bring back a 1930s model — the Tank à Guichets. Vintage watch expert and Pushers founder Mike Noveau shared the news on Instagram, along with other new Cartier releases. He told his followers that the watch could be the standout of the show, noting that vintage versions of it now sell for up to six figures, due to its very limited production in the 1930s. Similarly, new pieces of the Tank à Guichets will be limited to just 200 units. Mhende went on to say, “I love seeing brands dig into their archives for inspiration. Case in point: the Land Dweller and the Sixties. Both take vintage catalog models and reimagine them for today’s audience, and honestly, that’s just really cool.” Piaget concurred in a press release that the Sixties watches were created “to echo the flamboyance that marked the late 1960s, when Piaget redefined the contours of precious pieces and women’s watches.” Brands have faced criticism in the past for digging into their archives to release new watches, but watch experts and collectors alike welcome the approach of taking something old and adding modern tweaks for today’s wearer. Looking to new markets While Switzerland remains home to many of the leading watch houses featured at Watches & Wonders, the industry is facing significant challenges. According to Luxury Tribune, suppliers are reporting order reductions of up to 50%. In 2024, Swiss watch production reached a historic low of 15.3 million units, marking a 9.5% drop from 2023. Driving this downturn is slowing demand in China. The Federation of the Swiss Watch industry reports that, in 2024, “China (-25.8%) saw a stronger contraction than during the Covid pandemic, taking it close to its results in 2019. Similarly, the Special Administrative Region of Hong Kong (-18.7%) suffered from lackluster demand and lost its third place in the world ranking.” Arthur Jurus, Head of Investment Office at ODDO BHF, explained to Luxury Tribune, “Asian consumers have matured, and young Chinese buyers are increasingly drawn to the secondary market.” While this trend is good news for the circular economy, the rise of the secondary market can impact the production and sale of new watches to the mass market. It’s likely that some Swiss brands will maintain their presence in China, while others may shift focus to markets currently showing stronger growth, such as North and South America, which saw a 5.4% increase and accounted for a fifth of Swiss watch exports in 2024. Brands with a focus on the vintage revival in 2025 may aim to capitalize on this preference by expanding their direct-to-consumer stores in the APAC region.

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Watches & Wonders: Vintage revivals, China demand slows