Reports claim that Swiss watch exports plummeted following the release of the Apple Watch. (Photo : Reuters/Robert Galbraith)
For many market analysts, the Apple Watch will not be as popular as the iPhone brand. However, nine months after it took the market by storm, the Apple Watch is changing the whole watch market. Reports claim that the export of Swiss-made watches have reached the lowest number in six years.
The overall export of Swiss watches suffered its largest decline in the last six years following the release of the Apple Watch. Reports put that the current revenue for Swiss watch export hangs at $2 billion.
In a report released by the Swiss customs office, it showed that Swiss watch exports to the United States dropped by 12 percent while Hong Kong has the biggest drop in sales with shipments dropped to less than 40 percent, according to Bloomberg. Known watch brands like TAG Heuer were even forced to close some stores in the country as a result of the massive drop in sales.
Regarding the current market sales of the Apple Watch, Cupertino has yet to release the official numbers. However, Apple CEO Tim Cook claimed that since the release of the Apple Watch, it has sold units with each successive quarter. With the holiday season fast approaching, market analysts are positive that the demand for the flagship Apple smartwatch will surge.
It looks like the charm of smartwatches are hard to resist. Most recently, Swiss clockmaker TAG Heuer announced that it will release its own smartwatch dubbed the Connected Watch. The TAG Heuer Connected Watch will work with both Android and iOS operating system, according to Standard.
