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.