Apple Blamed for Sinking Swiss Watch Sales
Economy, Sci & Tech

Apple Blamed for Sinking Swiss Watch Sales

It was Swiss watchmaking legend Jean-Claude Biver who said in 2014 that the Apple Watch (and smartwatches more broadly) “wouldn’t create another crisis for the Swiss watch industry”.
 It now appears that Biver may have spoken too soon. According to a Swiss customs office statement released on Thursday, October saw the biggest decline in the export of Swiss timepieces in six years: a 7.6% dip in global shipments, including a 12% decline in shipments to the U.S. alone, and a drop in total revenue of 2 billion Swiss francs ($2 billion).
According to Digital Trends, it’s the continuation of a trend that began earlier this year. In August, exports fell 9.3% year-on-year—then the steepest monthly decline since November 2009. September witnessed a 9.9% drop in Swiss luxury wristwear shipments, bookending a Q3 that saw sales decline 8.5%. Since January, Swiss watch exports have slid 3.2% overall.
These sustained, precipitous drops are especially dramatic in context. In October 2014, Swiss watch exports made one of the highest year-on-year gains of the year—5.2%. And 2014 was a record year for the Swiss watch industry overall, generating $23.9 billion in sales.
The natural inclination is to blame smartwatches, a market segment expected to reach $32.9 billion by 2020, but they’re far from the biggest factor.
Analysts point to weak demand in Asian nations, especially Hong Kong, which saw its sales share of Swiss wristwear tumble 10% in October from the same period a year ago. Other overseas markets have not fared much better—in August, sales to China were 40% of total sales, down from 49% in July 2014, and in the same month the South Korea market shrank to 29%.


Short URL : https://goo.gl/TfEjzL
  1. https://goo.gl/E3P0cA
  • https://goo.gl/DuuI5i
  • https://goo.gl/lB2Yvj
  • https://goo.gl/WiIb7e
  • https://goo.gl/egJrWE

You can also read ...

European Gov’ts Exploring Financial Channels for Iran
The French, British and German governments have told Iran they...
EU to Protect Firms in Iran Following US Refusal to Grant Waivers
EU countries on Monday gave European firms legal cover to...
$312m Paid in Travel Currency in 3 Months
A total of $312 million were allocated by the Central Bank of...
Biggest Privatization Bid of the Year Set for July 31
Iranian Privatization Organization is scheduled to stage the...
Cuba Rolling  Out Mobile Internet Services
Cuba has started providing Internet on the mobile phones of...
Tehran Hosting International Biology Olympiad
Gifted students from 70 countries across the world have...
Iran, Ghana Sign Capital Market Deal
Capital market authorities from Iran and Ghana signed a...
IMIDRO Outlines Q1 Downstream, Upstream Steel Performance
A total of 11.22 million tons of iron ore concentrate was...