How big is the Swiss watch industry?
In 2020, the total number of watches exported was an anemic 13.78 million. The year before, however, which is much more representative as production and shipping were not impacted by COVID, Switzerland exported 20.646 million watches.
What percentage of watches are digital?
While a majority of consumers still buy watches in-store, 60% use online and digital channels to research prices or find product information. The development of these channels is now the second priority of watch executives after introduction of new products.
Why is Switzerland known for their watches?
The first reason why ‘Swiss made’ watches are better quality is because of the standard of their mechanism. Metal gears are used. They are made by hand and can be serviced – meaning that you can use a ‘Swiss made’ watch for an entire lifetime – or, several! This makes a ‘Swiss made’ watch incredibly scratch resistant.
Why are all luxury watches Swiss?
According to rules established in 1971, the mechanics, casing and final inspection of a timepiece must all be carried out in Switzerland to earn the ‘Swiss made’ hallmark. These watches are made with a high-quality mechanism and often use premium materials.
How many Swiss watch manufacturers are there?
There are some 350 watch brands which bear the “Swiss Made” label but they are far from all operating in the same league. The top five most powerful brands together account for a 50% share of watch sales. Behind the untouchable Rolex are Omega (Swatch Group, CHF2.
How many watch manufacturers are in Switzerland?
The Swiss watch market As of 2020, there more than 700 individual companies within the Swiss watchmaking industry.
Is the watch industry profitable?
How much profit can a watch business make? A watch business can make a substantial profit even in its first year. Within one year of opening, Watch Outfitters was bringing in $13,500 in sales each month. That’s an annual gross revenue of $162,000, and a lot of that is profit.
Is the watch industry growing?
The most recent data mark it at $13.62 billion in 2020, with a forecast of growth to $17.80 billion by 2026, considering a strong post-pandemic recovery phase, and above all, important socio-economic factors resulting from an increase in the use of watches by the female audience.
How did the Swiss watch industry start?
The mass production of watches began at the turn of the 20th century as a result of research carried out by renowned watchmakers such as Frédéric Ingold and Georges Léschot. Increased productivity, interchangeable components and standardisation allowed the Swiss watch industry henceforth to extend its world supremacy.
Are Swiss made watches good quality?
By developing contemporary and ingenious products that use cutting-edge technologies, they stand out clearly as world-renowned quality and luxury watchmakers. Swiss watches are better because they have to be – they have a powerful legacy of craftsmanship and an irrefutably prodigious reputation to uphold.