Is the end of the watch industry nearby?!

A lot has been said and written about the future of the watch industry. The Swiss watch industry was almost gone due to the introduction of the quartz movement. The introduction of the smart-watch would be the end and now it is the Apple watch which will make the watch industry go bankrupt……

The watch industry is still standing strong and there turnover increased every year due to new economies like China, but times are changing.

There is a big difference with the past; there’s no need anymore for watches.

“What do you say??” The need to wear watches is gone, let me explain.

A short lesson in history: When the wrist/pocket watch was invented there was a need to read/measure time and carrying it in a simple way with you. People who wore watches needed them because of there occupation or had money and wore it as a status object. The need for watches grew during wars and due to the industrial revolution. But the mechanical watch always stayed expensive for the majority of people. Then there came the quartz movement and this was a big game changer. The watch became affordable for almost everyone.  This almost lead to the end of the Swiss watch industry.

Due to the initiative of some Swiss banks, Nicolas Hayek was assigned to come with a plan. This led to the Swatch watch (Swatch Group), which became more or less the salvation of the Swiss watch industry.

The wealth is growing and people are spending more money on watches. The turnover in the watch industry, since that period, grew every year.

Then there came the smartwatch, which was expected to be a big game changer. The smartwatch as we now it, is already been on the market for some years now.  But with no big results because of the nerdy image of the smartwatch , no essential functions, no functional software, the battery has to be charged almost every day etc. The Apple watch is the smartwatch which will have to make a difference and it will. But not because of it’s time functionalities.

There is no need anymore to wear a wristwatch to keep track of time. Most people and especially young people won’t wear a watch because they are always carrying a smartphone with time function. Also tablets, computers, in the car, bus etc show time.

The most important competitor of the watch has become the smartphone.  Of course a smartwatch is connected to a smartphone and for that reason could be a game changer. But until now it didn’t have any positive results because of the reasons mentioned earlier.  Why pay the extra money to see the same information from your smartphone, on your wrist?

Unless the watch industry comes up with a plan to fabricate a mobile phone, the end is nearby….