Demand for Swiss watches are expected to drop in 2009, especially among the smaller, less well know demands, said Jean-Daniel Pasche, who heads the Federation of the Swiss Watch Industry (FH).
“This year will not be better than 2008,” Pasche told Bloomberg in a recent interview. “For smaller newcomers we could expect some trouble for some of them. We are rather confident for the strong brands.”
The financial crisis is thought to be largely responsible for the recent decline in watch purchases, which make up about 10 percent of Switzerland's total exports
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