That turbocharged demand for timepieces from Audemars Piguet, Rolex and others, boosting Swiss watch exports to record levels — almost 25 billion francs ($28.5 billion) in 2022.   But now, a reckoning is coming as multiple pressures take their toll. Some — higher interest rates and shaky economic growth — are outside the industry’s control. The blame for others — aggressive price hikes and increased production — lies within. But ultimately, it’s all hitting the mindset of once carefree spenders and their willingness to splash out.

Watch manufacturers have seen demand cool in recent months, while prices on secondary markets have tumbled. And executives — from those leading historic brands to upstarts who thrived during the recent frenzy — have started to ac…