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Bloomberg is reporting some bleak news from Switzerland. According to the Federation of the Swiss Watch Industry, which represents around 500 members and nearly 90% of the Swiss watch industry, exports are on track to hit a low not seen since 1984, the end of the so-called Quartz Crisis.
A total of 18.9 million watches were shipped in the first 11 months of 2019, a number that reflects a 13% drop from this point a year ago. The reason for the downturn is multifaceted, but hinges largely on lagging sales of lower and mid-priced watches. While the Apple Watch and other smartwatches eat into this critical segment, higher-end watches are struggling as well. The leading cause of the downturn in this higher-end segments is due to the continued political unrest in Hong Kong, one of the most critical markets for Swiss brands.
More info at Bloomberg, here.
