As we've reported in numerous posts, the Swiss watch industry is being battered by the worldwide economic recession. Year-over-year decline to some of Switzerland's most important markets was dramatic in the first quarter of 2009, according to the Federation of the Swiss Watch Industry. The United States, the number two market for Swiss watches, was off 41.8 percent. Other important markets that experienced very steep drop-off in demand include Russia (-63.2 %), Singapore (-39.4%), UAE (-38.5%), and China (-34.7%).
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