From May to July this year, Deloitte & Touche surveyed executives of more than 50 Swiss watch brands, with some of the following findings:
The percentage of executives who are pessimistic about the future of the industry rose from 41% in the same period last year to 82%
More than half of the respondents believe that online distributors in the next year, the watch industry's most important sales channels
With the falling demand in Hong Kong, executives think the United States and India are the most potential markets
57% of respondents believe that the demand for watches in Hong Kong will continue to decline
The report said: "Weak demand in overseas markets is the top challenge currently facing the Swiss watch industry, which is generally agreed that this trend will continue for at least a year." For the full year of 2015, major Swiss watch overseas markets , The number of markets with declining exports has surpassed the upward trend for the first time since 2012. Since entering 2016, the first eight months of Swiss watch exports fell 10.9%, Hong Kong's exports fell 27.6%.
Change the attitude of online channels
Swiss watch industry has always been very cautious on the e-commerce channels, fear of fake and shoddy products and other factors may affect the brand image. However, the survey shows that in order to attract more young consumers, executives have taken a very different attitude toward the e-commerce channel. Last year, Tag Heuer Group and the Chinese electricity supplier Jingdong Group signed an exclusive e-commerce cooperation agreement, and Cartier also expanded online sales channels.
"Swiss watch brands used to say, 'Our products are too high for the e-commerce channel,' but will consumers agree?" Deloitte is responsible for the fashion and luxury sector in Switzerland Karine Szegedi said: "Now they are beginning to realize that, even for high-end goods, online is also an important channel can not be ignored.
Szegedi said most watchmakers will first work with professional online sales sites to cooperate, and then slowly build their own online boutiques.
However, this report is not all negative news, and there are quite a few very positive signals. Karine Szegedi said: "Made in Switzerland still very attractive labels, Switzerland is still the undisputed leader in the luxury watch market, and innovation is their great advantage."
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