Swiss Watches Slowing Due to COVID-19... Export Expected to Decrease by 25%

Galleria Luxury Hall, located in Apgujeong-dong, Gangnam-gu, Seoul, announced on the 19th of last month that it will showcase the 'Spirit of Big Bang Tourbillon' limited edition from the Swiss luxury watch brand HUBLOT.
This model features a back case made of carbon material, decorated with sapphire crystal. It is the only piece available in Korea, with a price of approximately 140 million KRW.

Due to the impact of the novel coronavirus infection (COVID-19), Swiss watch exports are expected to decrease by 25% this year.

On the 2nd (local time), Swiss news agency Keystone-SDA cited a report from the private bank Pictet, stating, "This year, the Swiss watch industry will experience the largest sales decline in the past 50 years."

The report analyzed that the expected export volume this year will be -25%, which is even more than the -22% during the financial crisis in 2009.

Not only exports but production is also expected to decline.

Major manufacturers including Rolex, Patek Philippe, Audemars Piguet, Hublot, and TAG Heuer temporarily closed some of their production facilities due to COVID-19. Swatch reduced its operating hours.

However, if production resumes after May, a rebound can be expected. This is because some stores have started to reopen as COVID-19 has subsided in China, the world's largest watch market.

The report forecasted that exports could rebound by about 15% next year.

Meanwhile, according to the Swiss Federal Office of Public Health, as of 8 a.m. that day, the cumulative number of COVID-19 infections was 18,267, an increase of 1,128 from the previous day (17,139). The cumulative death toll was 432, up 54 from the previous day.

This content was produced with the assistance of AI translation services.