Watches in Switzerland

2020 IMPACT

Lockdown measures further reduce discretionary spending amongst local consumers with latter ever reliant on digital devices for timekeeping purposes

Pre-COVID-19, the performance of watches had continued to be influenced by several trends. Increasing digitalisation in society has led to the ongoing reliance of digital devices such as smartphones amongst a higher number of consumers for timekeeping purposes, while the popularity of smartwatches continued to attract tech-savvy Swiss consumers who enjoy purchasing the latest innovations, with the latter particularly impacting the performances of quartz analogue and quartz digital watches.

Leading player The Swatch Group feels increasing pressure from Rolex in 2019 due to demand for latter from affluent international tourists

The Swatch Group Ltd retained its overall leadership of watches in Switzerland in 2019 due to its global ownership of mid mechanical watch brand Longines and high timepieces including Omega, in addition to its convincing leadership of quartz analogue and quartz digital with the eponymous Swatch, which has a basic price positioning. The company is also the global brand owner of renowned names Rado, Tissot and Calvin Klein.

Dominant specialist retailers lose ground in Q2 due to lockdown closures, resulting in e-commerce gaining value share

Prior to lockdown in March 2020, leisure and personal goods specialist retailers comprising jewellery and watch specialist retailers continued to dominate value sales of watches, due to their distribution of premium and super-premium watches. The likes of iconic brand Rolex tend to be distributed exclusively through a select network of upmarket, traditional jewellery and watch specialist retailers, corresponding to its high-end image.

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