The hard luxury sector has been largely unaffected by the ups and downs of the global economy. Not even the crypto meltdown and the more recent banking collapses have put a dent in the growth of the watch market, which is going from strength to strength.

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Cartier CEO Cyrille Vigneron says that the industry is used to “hiccups and periods of euphoria and shrinkage”. He recalls previous difficult times in China, such as the government’s crackdown on corruption and extravagant gifts back in 2014, anti-government protests in Hong Kong in 2019, not to mention strict policies to contain the pandemic in the region. When one market goes down, however, another one goes up, and companies with an extensive global presence and loyal local customer base like Cartier are well positioned for the long run.

“Cartier, Rolex, Patek Philippe … are doing super well. They don’t seem to be in trouble at all,” he says. “The Swiss watchmaking industry is in very good shape. This is going to continue. A watch is a sign of identity: its movement, precision or just aesthetics speak to who you are, and you can take a watch with you everywhere. You can’t take your car or furniture, but you can take jewellery and watches. With social media too, you need more signs to express who you are, and jewellery and watches play that role.”

Sustainability was top of the agenda at Chopard, for instance. The brand held a conference with global ambassador Roberts to announce its commitment to using 80 per cent recycled steel in all its steel watches. The house has been using 100 per cent ethical gold in all its creations since 2018.

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“The booth is about storytelling and the product. We have a light and sound show and the Reverso Cafe 1931, which we will have in some of our boutiques,” says Catherine Renier, CEO of watchmaker Jaeger-LeCoultre. “It’s all about connecting with a larger audience, and bringing meaning and emotion beyond products, which is really fascinating and inspiring. We tell a larger story and go deeper into what’s behind each product and deep into the values of the maison. We have to share so much with the public so these moments are very important.”

Panerai CEO Jean-Marc Pontroué echoes this sentiment. “I’ve always been a big fan of this fair because it’s a way for us to stage the brand,” he says. “When you see the sails at the entrance of our booth, it [makes for] an impressive story. What we do here paves the way for the visual merchandising in our stores for the next 365 days. It also pushes all the organisation to be ready by a deadline and you meet media and trade partners and clients.”

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This year’s fair – which featured 48 luxury watchmakers in its official line-up, but also extended to off-site events for those willing to venture outside the confines of Palexpo – certainly bodes well for the future of the luxury watch industry. It registered twice as many visitors as in 2022 and an all-time high number of social media impressions.