The year 2020 will be remembered as the year of titanic struggles and ultimate trial. Talking about the watch industry, things have been pretty rough all the time, to put it mildly. In 2019, the luxury sector saw substantial growth, but this year, the situation has changed for the worse. Here is a brief recap of 2020. Let’s look at how the industry managed to keep the lights on despite COVID-19!
The watch industry in 2020
It started with China’s borders being closed. Statistically, China is the biggest consumer of luxury goods in the world, which makes it one of the most important markets for manufacturers. That is why prohibitions and restrictions for the transportation of goods resulted in a severe loss for many brands.
Another serious blow was the cancellation of watch shows and festivals, including The New York City Jewelry & Watch Show, Watches & Wonders, and Baselworld. The watch events that had always been great sales accelerators were postponed. When it became clear that the pandemic would stay a little longer, many luxury watch brands started to focus on ecommerce, which was the only plausible way to keep sales and not go bankrupt.
On a positive note, watch lovers witnessed several notable watch releases. Rolex and Patek Philippe introduced their brand-new models, which was great news amidst the lockdown. In the fall of 2020, sales markedly increased, but it still wasn’t enough to reach the level on which the watch industry had been before.
At the end of the year, the picture has become much clearer. The total loss of the watch market is still to be assessed, but the watch industry has already suffered a lot. Is there hope for 2021? Though the demand for luxury timepieces is constantly growing, it is too early to tell what awaits us next year. But for now, we wish you a peaceful Christmas and a Happy New Year. May the year be filled with hope and love. See you next year!