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If watch brands across the board are sensing a softening in demand, the latest figures from Switzerland confirm it’s not their imagination. Swiss timepiece exports are indeed down this year, by as much as 18 per cent and 19 per cent in the major markets of China and Hong Kong, and by a third of that in Australia. Local factors such as rising costs and the fact that many customers satisfied their urge for a new watch during and immediately after the pandemic haven’t helped the situation.
The challenge for brands is how to react. This comes down to the tools they have at their disposal, primarily the product they’re offering and the costs they can trim. No surprise that marketing budgets have come under scrutiny – and often the knife – while product needs to be fresh enough to entice people to buy.