The Swiss watch industry is in serious crisis

By: Trademagazin editor Date: 2020. 07. 24. 11:00

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The Swiss watchmaking industry has entered an “unprecedented crisis” following a fall in demand as a result of the coronavirus pandemic and a temporary halt in production, shipping and sales for much of the second quarter, the Swiss watchmaking association (FHS) said.

According to the data published on the organization’s website, the value of total watch exports fell by 35.1 percent year-on-year to 1.131 billion francs in June. Within this, revenue from watch exports also fell by 35.1 percent to 1.070 billion francs.

Last month, sales of watches fell in all price ranges, from 55.4 to 36.8 percent in number, and from 48.1 percent to 36.5 percent in terms of value. (MTI)