The Swiss watch industry stays on top

Article Excerpt

The Swiss watch industry has enjoyed uncontested domination of the global market for more than two decades. Despite higher costs and high wages, Switzerland is the home of most of the largest companies in this industry. That makes it the largest exporter of watches in the world. The country is the world’s largest watch exporter. Asia, especially China, is the biggest export market for Swiss watches. Half of all Swiss watches are now sold to Asian customers. The Swiss watch industry has a long and storied history. However, it went through a crisis between 1970 and 1985, with the number of watchmaking firms dropping 60%. The number of employees also fell, 65%, as Japanese manufacturers delivered mass-produced, high-quality watches. Today, the watch industry in Switzerland has managed to regain its footing—a 30-year recovery based on product innovation and clever branding and marketing. The strategy has been to market the quality and craftsmanship of Swiss watches and watch mechanisms and has resulted…