Watches & Wonders: Can Geneva win China back?

This year’s edition of Watches & Wonders Geneva — running April 14 to 20, with 66 exhibiting brands and nearly 60,000 visitors — signaled something beyond a product showcase: a recalibration of how the industry defines relevance. Full-year 2025 Swiss watch exports fell 1.7%, with mainland China down 12.1% and Hong Kong down 6.5%, according to the Federation of the Swiss Watch Industry. Against that backdrop, Watches & Wonders 2026 became a stage for how brands intend to win back one of their most important growth markets — and on whose terms. Audemars Piguet returns to Watches & Wonders after 6 years The return of Audemars Piguet to the fair — reuniting it with Rolex and Patek Philippe for the first time since 2019 — was among the year’s most symbolic moments. Together these three brands, plus Richard Mille, command 49.1% of the Swiss watch market by revenue, according to the Morgan Stanley and LuxeConsult 2025 Swiss Watch Industry Report. Audemars Piguet’s return was itself a strategic signal. The brand departed the fair in 2019 — when it was still known as SIHH, the Salon International de la Haute Horlogerie — but under CEO Ilaria Resta, its positioning has shifted. Watches & Wonders has evolved into a public-facing cultural platform, with 25,000 public-day tickets sold and growing engagement from younger audiences. Resta’s decision to return reflected a recognition that collective industry visibility now complements, rather than competes with, direct client relationships. Why smaller watch case sizes are winning over young collectors If one design trend defined the fair, it was a decisive shift toward smaller case sizes. From H. Moser & Cie.’s Streamliner Mini — available in 34mm and 28mm — to Bvlgari’s Octo Finissimo, reissued in a new 37mm case to bring the collection to a wider range of wrists, brands are rethinking proportion as a design statement. “The mini trend resonates most strongly — smaller proportions, refined designs, and playful nods to heritage feel perfectly aligned with how our customers want to wear watches today,” says Beth Hannaway, Director of Buying, Fine Jewellery & Watches at Harrods. This is not a niche phenomenon. A quarter of tickets at the 2025 edition were sold to visitors under 25. The smaller case trend reflects two converging forces: younger collectors who prize wearability over wrist presence, and a growing cohort of female buyers seeking mechanical substance rather than decoration. How luxury watch brands are navigating a polarized market Alongside the shift in proportions, brands are operating across two registers: broadening accessibility through refined entry-level designs while reinforcing the top end through high complications and material innovation. “I felt a real vibe shift this year,” says Hannaway. “We’re seeing materials science really come into its own — brands leaning into lightweight engineered ceramics, titanium and hybrid metals, while still reserving 18-karat gold for true statement pieces.” This carries particular weight given China’s trajectory. Exports to mainland China have fallen 34.8% on a compound basis over the past two years, according to Federation of the Swiss Watch Industry data — yet the decline is uneven. Swiss watch exports rose 9.2% year-over-year in February 2026, driven primarily by the US, Japan and France. What is emerging is a polarized market: the middle compresses while premium and entry-level expand simultaneously. Brands are responding with accessible entry points — smaller sizes, steel cases, simpler complications — while concentrating storytelling and margin at the very top. Chinese independent watch brands gain ground Independent watchmakers were perhaps the fair’s most telling story this year. The presence of H. Moser & Cie. reflects a broader acceptance of independent watchmaking as a core part of the industry ecosystem, rather than an alternative segment. This shift is closely linked to the growing maturity of Asian collectors. As Oliver R. Müller, founder of LuxeConsult, said at Watches & Wonders 2025: “Asian consumers have matured, and young Chinese buyers are increasingly engaging with the secondary market.” The rise of Chinese independent brands such as Behrens — making their Watches & Wonders debut this year — reflects the same evolution, as domestic creators respond to collectors seeking originality and technical distinction. The secondary market’s recovery is not a sign of volume returning, but of value being re-evaluated: knowledge, rarity and discernment are increasingly what define desirability. Collectors from China redefine value in high watchmaking “Despite wider global uncertainty, my outlook for 2026 is genuinely positive,” says Hannaway. “After a strong start to the year, the watchmaking world feels energized and confident, leaning into creativity, craftsmanship and design.” That confidence has an audience in mind. Consumption among Chinese collectors is becoming more selective, more knowledge-driven and more emotionally oriented. Beyond technical specifications or brand prestige, there is growing emphasis on narrative, cultural meaning and personal connection. This evolution is particularly visible through the lens of China. The post-pandemic Chinese luxury consumer is seeking the story behind the craftsmanship — the reason a piece exists beyond its retail price. In that sense, China offers a preview of where the broader market is heading: toward a model where usability, collectibility and emotional resonance coexist.

Watches & Wonders: Can Geneva win China back?

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Watches & Wonders: Can Geneva win China back?

How Bottega Veneta weaved China’s forever it bag