Around the Web: Bloomberg – Swiss Exports Hit a Low Not Seen Since the Quartz Crisis
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.
The post Around the Web: Bloomberg – Swiss Exports Hit a Low Not Seen Since the Quartz Crisis appeared first on Worn & Wound.
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