The annual watch fair, based in Geneva, took place this January and the industry has been turned on its side yet again. Watch companies and realtors from the world over gathered together to showcase their latest products, network and present their plans for the coming year. But there were two parts of the fair that seemed to stand out most to investors, customers and watch fans the world over. A mixture of advancing technology and lack of innovation in traditional watchmaking stacked against some companies seeing boosts in their sales. Let us take a look at the key points from the fair.
The Old Model
Innovation in watchmaking has changed little over the last few years. You can look anywhere to see that the traditional watch has not changed much. But this used to be a massive bonus to the watch industry. But in the past few years, the market has stagnated, partly due to an increase in the illegal acquisition of name brand watches or corruption, but mainly due to pricing. But for fans of the traditional watch, you can still find amazing new items being made available. Any good watch store will stock a fair selection.
The biggest killer of the traditional watch industry. Smart Watches. No longer is watchmaking confined to the precision craftsmen. Now it is the tech firms and startups that are making the sales. Smartwatches have created an integration into the digital world that normal watches cant provide. And the general consumer is always searching for the latest technology, so it is no wonder that watch sales are down in comparison to their smartwatch counterparts. Despite all this, some watch companies are working alongside tech firms to create some stunning new smartwatch products.