Swiss Watch Industry in Crisis?

It seemed just a few short weeks ago that you couldn’t turn anywhere without finding a story about the renaissance of the Swiss watch industry. But the economic crisis means luxury items are just that in a time of restrained spending. That’s got the attention of some analysts who say 2009 is shaping up to the be the worst year for watch sales in decades. For example, the National Post recently reported:

The slowdown in demand for new expensive watches is causing a panic in Switzerland, where 2009 is threatening to be the worst year for the Swiss industry since the “quartz crisis” of the 1970s and 1980s, which made mechanical watches technologically obsolete and reduced industry employment to 30,000 from 90,000.

What do you think? On target or hyperbole? Have you shelved that plan to buy a new Swiss watch?

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Categories: Swiss Watch News.

Comments (4)

  1. Bobby Smythe

    I’m buying a new Rolex this year. Maybe not the smartest decision I ever made but I want it and I’ll pick up another job to get it if i need to. Can’t let another year go by without a 50th anniversary Sub.

  2. SwissWatch

    One million for the new Grande Sonnerie by Gerald Genta ! Those Swiss are crazy, do they know there’s a crisis? According to link to bloghorloger.ch it’s only for their good clients and they don’t want to talk about it. Oops !

  3. The economic crisis does really affect the industry for luxury items since people are having difficulty meeting even their basic needs.

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