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The fourth annual report by Morgan Stanley Bank and LuxeConsult reveals the state of the Swiss watch industry.
Morgan Stanley Bank and LuxeConsult have published their fourth annual report on the Swiss watch industry. The document reveals that the Swiss watch industry has experienced a limited decline of -21.8%, with a significant drop in volumes at 33%, “which corresponds to 7 million fewer Swiss-made watches sold. And to draw a parallel, we are on a market volume that corresponds to 1938,” comments Olivier R. Müller.
However, this decline was limited by the upturn in activity in China, despite the monumental -81% drop in Swiss watch exports in March 2020. Watch brands showing growth are few and far between, including the watch houses Tudor and Dior.
The report reveals that connected watches have held back the growth of entry-level models for another year in a row. For the major watch brands, such as Rolex, Audemars Piguet, and Richard Mille, the decline is smaller, as they are less affected by the economic situation, and were mostly handicapped by the closure of physical sales points.
Luxury watchmaking has been able to adapt thanks to a successful transition to digital and the development of new digital communication techniques, in order to remain resilient. For the first time, the luxury watchmaker Rolex has overtaken its competitor Swatch Group to take first place in the ranking. Swatch Group, the owner of Omega, Longines, and Breguet, suffered mainly on its entry-level and mid-range watches, and thus occupies second place in the ranking with its Omega brand.
Read also > WATCHES AND WONDERS 2021: MORE THAN A DIGITAL PLATFORM, A HUB FOR THE INDUSTRY!
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