Watches have become a big business these days and in recent years we have seen an extraordinary growth in this sector. Despite the fact that the primary function of a watch is to tell time and even though it has become pretty obsolete in the era of mobile phone, the prices have risen to extreme heights. The watch making industries have created such awe-inspiring brands that people do not to hesitate to spend loads of money on buying these products.
But in recent year, the demand of big brands of Swiss watches has declined forcing smaller brands to come up. Recently a comparison was done and the watches were ranked on the basis of their sales. The comparison between Apple Watch sales and sales of traditional watch brands has not been a good experience. The top is ruled by Rolex, and then comes the Apple’s smart watch. The third is the brand Fossil, then Patek Phillipe under Citizen and Seiko. Then comes Longines and at the bottom there is the japan’s Casio, which are known as the rocky, toughie watches.
This list can raise fury among the watch lovers because the numbering is based on the number of sales not the quality of the brands. The slumping demand of the Swiss watches has led smaller watch making brands to fill the gap that are producing affordable and ludicrous watches.
Today, watches are seen more as a product and companies such as Daniel Wellington and MVMT are selling millions of dollars for poorly constructed watches. There is seen a slumping demand for Swiss watches. According to the report from the Federation of the Swiss watch Industry’
“July was not a strong month for Swiss watch industry exports. The fact that there were two fewer working days this year certainly penalized the results to some extent, but that was not the determining factor because at the same time Swiss exports were higher overall. The industry saw the value of its exports lose 14.2% compared to July 2015 at 1.6 billion francs”.
Many of the top class brands such as Rolex do not publish their sale graphs but can easily be predicted that they are producing and selling around million watches a year. In a few months Apple is considered to beat Rolex because of the watch making tools it is using along with a wide range of well-made accessories. Unlike your ordinary watch, Apple’s watch is a phone, it has GPS, it can track your steps, monitor your health can tell you about the temperature of your location which makes it a more preferable brand to acquire.
The reason for Swiss watch market to face decline is because for a longer period of time, they ignored innovation such as internet, GPS, created artificial shortages, jacked up prices and ignored the demands of their true market. They ignored the fact that technology has touched every aspect of life including watches.
By not incorporating internet technology in their watches they have sadly brought a failure to themselves. If this keeps on happening, the time isn’t far away when the websites of Swiss Brands will only give information regarding Samsung and Apple smart watches.