Swiss Watch Makers Are In Trouble, Thanks To Apple Watch

Posted: Jun 21 2015, 12:21pm CDT | by , in News | Technology News

 
Swiss Watch Makers are in Trouble, Thanks to Apple Watch

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For the first time in six years, Swiss Watch exports have failed to meet the expectations.

Apple watch seems to have impacted more than just the smartwatch industry. According to a report today by the Federation of the Swiss Watch Industry, the exports of Swiss made watches have fallen for the first time in six years. Oddly enough, the reducing in Swiss watch exports coincides with the release of Apple’s watchOS running Apple Watch.

Digging deep into the numbers reveals that exports of the Swiss made wristwatches fell by 8.9 percent between April and May this year. Of course, this could all be a coincidence and it would be rather unfair to associate the entire downfall of the exports to the launch of the Apple watch as there are other forces at play here, specifically the rise and fall of various currency market. In an interview with Bloomberg, Industry and financial analyst Patrik Schwendimann of Zuercher Kantonalbank stated, “Watch exports to the U.S. in the lower price segments could also have had some negative impact from the launch of the Apple Watch.

The U.S. market might only grow by a low single-digit percentage this year, slowing down from 6 percent growth in 2014”. The U.S. is without a doubt an extremely important market for Swiss manufacturers but it seems like there are other markets which too are witnessing a downward trend. The declining shipments report also showcases a decline of exports to Hong Kong by as much as 34 percent, which is odd considering the fact that it is normally a very busy and profitable market since Chinese enjoy the advantage of lower tax laws when purchasing such expensive and extravagant wristwatches.

Regardless of what the actual reason behind the exports falling for the first time in six years was, there is no doubt that Apple has played its role in that. Since the launch, the Apple Watch has witnessed a welcoming response and those who have bought it, cherish it.

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<a href="/latest_stories/all/all/32" rel="author">Ahmed Humayun</a>
Ahmed Humayun is a technology journalist bringing you the hottest tech stories of the day.

 

 

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