Debacle of the Swiss Watch Industry, Which Sees Its Sales Fall by 39% in Hong Kong

So far there was not much data on the impact that smart watches and quantitative bracelets could have had on the traditional Swiss watch industry, but a new report from the Swiss customs office has revealed some worrying data.

Debacle of the Swiss Watch Industry, Which Sees Its Sales Fall by 39% in Hong Kong

According to the report, exports to Hong Kong, the most important market for Swiss watchmakers, have fallen by 39%, the biggest drop in six years. Revenue fell 12% to EUR 1,837 million, and exports to the United States also fell, although in this case that slowdown was lower, by 12%.

A Market That Faces The Wearables

Analysts specializing in this market point out that Hong Kong will cease to be so important in the coming years, and will represent 10% of the global business and not 20% as usual.

Among the brands affected is Swatch, which analysts believe must be ” prudent ” to the growing inventory that is generating the brand and which is now difficult to sell. Others like TAG HEUER have begun to react with their own smart watches.

Some point to smart watches as clear cause of these results, and Fossil Group Inc has viso shares drop 37% last Friday after the statements of its leaders, who claimed that sales in the fourth quarter will fall by 16% by the Competition with wearable technologies.