Current Swiss Watch Industry
By Paul Chung 10/7/19
Like most men I have had a fascination with watches from an early age.
From the simple, like Swatch, to the luxury, like Patek Philip, watches for me have been not just a timekeeping piece but a statement.
Whether its a classic steel band watch with a sweeping second hand and a date window, a fashionable bronze or green coloured divers watch, a classic sports chronograph or a complex toubillon, there is a watch for every taste and budget.
Though there are watchmakers all over the world, the Swiss watch making industry is widely regarded as the best of the best. They have a reputation for quality and accuracy that is unsurpassed.
In recent times due to increased competition from German, Italian, Japanese and American watch makers, and the growing poularity of Smart Watches, the Swiss watch industry was slowly in decline but this year has seen a resurgance of Swiss Watch sales over the world.
As consumers are getting better educated about the work, craftsmanship and detail involved in creating and manufacturing a living, breathing mechanical movement, Automatic watches are rising in popularity. The quality and accuracy of modern Automatic watches is a key factor.
According to US based market reseasrch company NDP Group, the Swiss watch industry saw shipments rise by 11% to CHF 2.04 billion ($2.09 billion), with wristwatch supply increasing 9% to CHF 1.88 billion ($1.93 billion) in the first quarter of 2019. Exports of other products, which includes clocks, jumped 62%. They noted that traditional timepieces were making a comeback following a downturn in the market during the 2018 holiday quarter, when sales were surpassed by those of smart watches. Traditional watches once again captured nearly two-thirds of industry dollars in the first quarter of 2019.
Top-priced watches saw strong growth, a trend that has continued nearly uninterrupted for more than two years. Timepieces made from precious metal like yellow gold, white gold and platinum, and bi-metal watches, especially yellow gold with stanless steel, were especially popular.
If you are in the market for a watch or would like some information on watches, we at Diamond Story can help!
Feel free to contact us by calling or sending an enquiry online.