Rolex, Patek, Zenith and more factories have been entirely shut down during the heat of this covid19 crisis. Many are slowly re-opening at this point but the damage has been done and will surely continue to bite as we progress through this turbulent year. Swiss watch exports are predicted to drop to approximately 25 percent this year.
To put that 25 percent into perspective, that is double the number of drop in exports during the quartz crisis. Yes brands have been trying to move online to a greater extent than before, but that will surely not be able to put even the slightest dent in such massive numbers.
The Financial Times has a fantastic read for anyone interested in the impact of the covid19 crisis on the watch industry. Rather than re-hash the article here, I invite you to follow this link and check it out in full.
But exports are expected to rebound next year