Issues Facing Swiss Watchmaking
Digital smartwatches, the availability of time and politics are some of the challenges faced by Swiss watchmakers. In this article, we will explore the future of the Swiss Watchmaking industry and the aptly-named triple threat which is plaguing the industry.
Traditional Watchmakers Triple Threat
The Swiss watch industry has been facing pressured times in recent years. After exiting a sales slump, it's still a vulnerable market which is due to a triple threat of digital smartwatches, time being available and also the effects of the East.
The Swiss watch industry has come under a wave of pressure from the increasing popularity of smartwatches. Aimed at a young audience and exploiting digital channels, it's inviting serious pressure on luxury watchmakers who want to attract younger audiences but refrain from going fully digital.
Trivia - It was reported last year that Apple had sold more smartwatches than the entire Swiss watchmaking industry which made Apple the largest watchmaker in the world.
Time is Everywhere
When watchmakers first started crafting their timepieces, it was during a time where there weren't established accessories. Watchmakers such as Rolex, Omega, Breitling and more sought to challenge the opinion of watches and also push boundaries by making them viable accessories.
Today, we are surrounded by time which is impacting on the necessity of wearing a watch.
Current Affairs in the East
China is a key market for luxury watchmakers as their watches are used in the practice of gift-giving. This came to a grinding halt when the Government banned the practice and made that market disappear almost overnight.
The Swiss Watchmaking industry may be going through a downturn but the watchmakers who form part of that world-famous industry have hundreds of years of experience and after surviving the quartz crisis, there is no doubt they will take the fight against the digital threats of today with no loss of enthusiasm.
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