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Whenever we hear about Swiss luxury watches, the first thing that pops out in our minds is usually credibility, superior quality, and opulent design. Swiss watches have always symbolized the unequaled pinnacle of the watch industry. It seems that nothing can influence such well-grounded manufacture. However, the industry has recently entered another dark period in its history, and this time the initiator is COVID-19.
The influence of COVID-19 on Swiss luxury watches industry
There is no business or industry not impacted by the coronavirus pandemic. With the outbreak of the virus, the demand for watches has greatly slackened, resulting in more than 20 percent export drop in March and nearly 40 percent in April. Of course, when we are talking about export, we mean China and Hong Kong, the biggest patrons of Swiss luxury watches.
Such unpromising numbers only bode ill for the future development of the industry. Most of the leading brands, such as Patek Philippe, Vacheron Constantin, Audemars Piguet, and Ulysse Nardin, decided to postpone the production of watches for the time being. With the pandemic hovering around, it is hard to tell when we will see full-on strategical changes concerning fresh supplies.
As is often the case, every cloud has a silver lining. We have witnessed a rare phenomenon in the luxury watches business. While earlier you had to be physically present either in a specifically dedicated salon or boutique to buy high-end watches, now the tables have turned. Many Swiss watch manufacturers have plunged into web sales, which allows them to make a profit during tough times. Even though the earnings are nowhere near as they were before, it is still something.
Summing all aforementioned, we can make a shrewd guess that the Swiss watch market will definitely undergo the coronavirus crisis. The price to be paid is still unknown, as one can see no end to it. Yet, the chances are high that luxury watch lovers will see the return of the industry after the pandemic.