Is the luxury watch industry in decline, or just waiting to come back stronger?

Most luxury watchmakers have a fondness for tradition. The recent pandemic is now testing their ability to embrace change.

The timepiece industry is witnessing big changes this year with the impact of a pandemic being felt around the globe. With the major trade shows postponed or converted into digital-only, it is a whole different world for luxury watchmakers (the same goes for fashion and its trends).

Sales have plunged. According to the Federation Of The Swiss Watch Industry, March Swiss watch exports fell 21.9% compared to a year earlier. Not surprising, as watch boutiques in most countries have been shuttered during the Covid-19 lockdown.

Luxury watches are not something you would ordinarily buy through a website too. In fact, some of the more traditional brands have resolutely not offered online sales – preferring the exclusivity of an in-person sales service.

Patek Philippe only recently granted authorised dealers (such as London Jewelers and Hamilton Jewelers) the rare opportunity to sell its pieces online. Although, this is not permanent, and will last until showrooms open back up.

“This is only for a temporary period to help Patek Philippe authorised retailers that are closed due to the Covid-19 situation, ” the watchmaker was reported as saying.

Read more: How the global style industry is responding to the Covid-19 crisis

Baselworld, the annual trade show held in Switzerland, has been decimated. After announcing a postponement of this year’s event to January of 2021, anchor brands Patek Philippe, Chopard, Chanel, Rolex and Tudor pulled out to organise their own show.

Reports claim that the reason behind the departures was a disagreement about the rescheduling of the show without consulting the major exhibitors, plus the percentage of money being held by the show after the postponement.

Swatch Watch Group (which owns over 15 luxury watch brands) already announced its departure from Baselworld in 2018. Earlier this month, the 2021 edition was then announced as cancelled – putting the future of Baselworld up in the air.

Read more: Milan follows in London's footsteps, gears up for first all-digital fashion week

Another trade show annually held in Switzerland, Watches And Wonders (rebranded from Salon International De La Haute Horlogerie), cleverly went digital last month. As a “virtual show”, it saw participating watchmakers unveiling their latest timepieces online.

A special website was set up, with landing pages for brands. Each one features images and information about new watches, video presentations from brand representatives, social media portals, and other interactive elements.

“We are thrilled to be partnering with the finest watchmaking brands in the world to bring the Watches & Wonders concept to life online at a time when our industry needs it the most, ” stated Fabienne Lupo, chairwoman and managing director of Fondation De La Haute Horlogerie.

“This dynamic new platform will allow watch lovers everywhere to discover exciting new products, engage in enriching experiences, and connect directly with our participating brands in one place.”

This only shows that small steps in bucking tradition can go a long way. For those who are willing to embrace change, a changing world is not such a dire problem after all.

As countries emerge out of lockdown, can the watchmakers once again strengthen its hold on the luxury market? As cliched as it may sound, only time will tell.