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Originally Posted by pwd72s
99 bucks to read one article? Not for me, but what? Low demand for Rolex? Is this something we should be concerned about?
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"It’s a small watch crisis so far, slightly disconnected from the economy,” Pruniaux said in an interview at the Geneva Watch Days show last week. “This year is a challenge,” he added.
Around 40 companies in the canton of Jura, a hub for watch component makers, submitted applications for short-time work compensation during the summer, Pierre-Alain Berret, head of the Jura Chamber of Commerce and Industry, told newspaper NZZ last month. The applications represented a significant increase from the start of the year when just five companies had applied.
Swiss watchmakers are suffering from a sharp decline in demand, especially in China, following an unprecedented boom during the post-pandemic era when consumers rushed to buy pricey timepieces. After three straight years of record exports, wholesale watch exports have fallen by 2.4% in value in the first seven months of the year as consumers refrain from splashing out on expensive watches.
The drop in consumer demand has hit brands making slightly less expensive watches the hardest, while top-selling brands such as Rolex and Patek Philippe have been more resilient.