The 2020 downturn caused by the Covid-19 pandemic was quickly reversed by what financial analysts called revenge buying, with consumers splashing out with savings accumulated during lockdowns.

However, the growth in Swiss watch exports has slowed, with exports up 7.6 per cent in 2023, having risen 11 per cent in 2022 and 31 per cent in 2021.

“We are seeing an overall slowdown,” said Karine Szegedi, the consumer industry lead in Switzerland at auditing firm Deloitte.

Peek into the largest private jet in the world, the US$400 million Boeing 747-8i

“The clientele is more cautious,” she told us, with consumption in China and Hong Kong having “not returned to pre-Covid levels”.

This slowdown is not affecting all brands equally. The most high-end names, like Patek Philippe, rely on a very wealthy clientele who are not particularly exposed to the vagaries of the economy, meaning those brands have continued to grow.

Rolex unveiled six new watches for 2024

While no new model lines were announced, the Geneva-based watchmaker said it’s striving for “harmonies of materials, colours and textures” in this year’s variants of tried-and-true favourites.

A grey and black bezel GMT-Master II; new variations on the classic Day-Date; a departure from last year’s conservative brown and black options for the Perpetual 1908; dozens of diamonds for the Daytona; a snappy new bracelet for the Sky-Dweller; and finally Rolex’s ultimate dive watch, the Deepsea, in 18-karat gold.

From mixing metal finishes, to contrasting materials like diamond and mother of pearl, the brand is taking a relatively understated (for Rolex, at least) approach than in recent years.