Last year the sales of luxury watches dropped significantly but the watchmaker industry is hoping for a fast recovery.
In January 2009, a Middle East collector decided to purchase the one-of-a-kind tour-billion watch. The exquisite timepiece is covered with 1.200 diamonds and is shaped like an ancient temple. The price of the item was 3.3 million dollars. But these kinds of sales are very rare and so are the watches that are being sold.
There has been a drastic drop of the in demand in Europe and in the US since last year. Reports show that the sale of watches has dropped with 33% in 2009 for timepieces that cost more than 100 dollars. Also, the Swiss exports have declined with almost 22%. The Federation of the Swiss Watch Industry says that this is the biggest decline since 1932.
But 2010 seems to be a better year for the watch-making industry. The Swiss shipments are the barometer for the industry and they say that exports have rose with 14% and there has also been increases in Morocco, Saudi Arabia, United Arab Emirates and China. But with all this, the luxury products industry is recovering very slowly compared to the rest of the industries.
The watch companies say that with a very well planned developing strategy, there is a great chance to make big profits even in financial turmoil. The Chinese and the Middle East royalty like to show off their wealth so they don’t mind the crisis. Latin America has also become one of the regions that enjoy purchasing luxury items such as watches.
The watch is a symbol of culture, wealth, education and also of modern trends. When wearing a watch we are making a statement but it is up to us to decide what statement we want to make.
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