Luxury watchmakers are 'having tougher time than originally thought'

First published: 02-02-2010

The market for cheaper and more affordable watches may continue to register a strong rebound, though the luxury watch market seems to be struggling, a new report has asserted.

According to the Globe and Mail, luxury watch makers are saying that the worst is over, though many industry executives, analysts and private entrepreneurs are far from expectant that a quick return to the double-digit export growth rates of the 2000s can be made any time soon.

It was during this period that Swiss watch making doubled in size due to a heady mix of rising prices and improved export volumes.

Fawaz Gruosi, a friend to Bond girl Caterina Murino and supermodel Naomi Campbell who both love his elaborate jewellery, said that 2009 was the toughest year since Japanese quartz watches flooded the traditionally Swiss market in the 1970s.

He asserted: "Everyone is saying the crisis is over. But I don't have the same feeling. We are selling things that are not necessary to people. Even if they have money, they are more cautious about spending it."

There have been a number of high-end releases this month, including Longines' Charles Lindbergh-inspired Atlantic Voyage Watch, which marks the crossing of the Atlantic by the expert pilot.