“As countries around the world contend with the health emergency, the economic effects of suspending almost all activity have inevitably impacted the Swiss watch industry,” Monochrome.com reports, “and will continue to do so for months to come.” The latter part of that statement – predicting a “challenging” future for Swiss watch exports – reflects the industry’s growing realization that Coronageddon is a lot more than a flesh wound. The May numbers tell the tale . . .
From the department of quick statistics: retail sales were up 18% in May month-to-month. This retail sales rise surprised all the forecaster who’d forecasted half that increase. While the retail sales rise is good news for everyone who has an interest in the economy getting back to normal (all of us), is it really evidence that the long-awaited watch buying revenge buying wave is here? . . .
A piece of genuinely good economic news arrived on Friday: payrolls rose by 2.5m, and unemployment fell. The economic recovery may be beginning and it may be V-shaped. Maybe. Naturally, we asked ourselves “were we wrong to proclaim ‘Rolex prices drop'”? I mean, has the drop stopped? Bob’s Watches CEO Paul Altieri has some relevant intel . . .
I don’t know if you’ve heard, but there’s a pandemic going on. The effect on the retail sector is something akin to a plague of locusts o’er the land: exports down 80 percent-plus. Companies primed to go out of business. Oh, and U.S. watch stores were looted and now shuttered. Of course, that makes it the perfect time for the cheerleader to proclaim THIS IS GOOD FOR THE INDUSTRY!
Watch Industry Braces For Historic Downturn HoDinkee proclaims. That’s like saying a car crash victim lying by the side of the road is bracing for impact. Dude, the downturn is here. Last month, Swiss watch exports fell by a staggering 81 percent. There’s no sign of a “revenge shopping” recovery. The real economy is in the tank. Ho’ writer Joe Thompson offers us a piercing glimpse into the obvious, then shares the following eye-opening prediction . . .