How dangerous could the coronavirus be for the watch industry? - Business Insider

The situation is similar to 2003's SARS outbreak, which saw a sharp drop in sales in Hong Kong.

The global shipping trade is grinding to a halt as seven of the world's ten major ports are based in China, crude oil prices are at the lowest level in a year, and numerous airlines are severely reducing, if not canceling, flights to and from the Chinese mainland. But how is the Swiss watch industry fairing in the wake of this health crisis?Chinese consumption of watches has plummeted as people have been advised to stay home.

Watchonista's cofounder Marco Gabella added, "With the rescheduled dates of Baselworld and SIHH we knew that 2020 would be a transformative year for the watch industry – but none of us expected a virus to have this kind of effect. Only time will tell if the other trade shows will be canceled or postponed.

"From a business perspective, Panerai has built an international network and one of the brand strength is the diversification of its clientele around the world. China is of course an important market but we have other opportunities that will minimize the impact of the existing crisis such as USA or Europe. Indeed, our local clients and markets represent the majority of our business. We are keeping monitoring the situation regularly and remain confident in the long term.

This will rise the inventory on the gray market. In just one website for sell watches it have the following inventory in new and pre-owned: Rolex.- +75,000 watches Omega.- +37,000 watches Cartier.- +15,000 watches Patek.- +11,000 watches Audemars.- +7,000 watches

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

With Coronavirus, It’s Not Business as Usual: Handshake or Elbow Bump?Around the world the fast-spreading coronavirus outbreak is prompting a wave of business meeting cancellations, withdrawals from industry conferences—and a rethink of the most basic form of business etiquette. what...what about patty caking? Salute.......... problem solved.......... A nod would do
Source: WSJ - 🏆 98. / 63 Read more »

Sanofi researching coronavirus vaccine with BARDA, using SARS vaccine - Business InsiderSanofi said Tuesday it is working with US health authorities to develop a coronavirus vaccine, using prior research against SARS. Medicine already developed. Contact-
Source: BusinessInsider - 🏆 729. / 51 Read more »

Apple iPhone 9 release reportedly on track despite coronavirus - Business InsiderApple is reportedly planning to release a low-cost iPhone next month, even though its facing supply constraints caused by the coronavirus. ok So $AAPL profit will not increase for the entire year. But investors believe the stock will increase. Laughable.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Fund managers' growth expectations falter amid coronavirus headlines - Business InsiderFund managers slashed their expectations for global growth in February for the first time in months. A familiar culprit is to blame: coronavirus.
Source: BusinessInsider - 🏆 729. / 51 Read more »

From toys to Teslas, China's coronavirus disrupts flow of global businessThe deadly coronavirus outbreak is hurting scores of companies in California and nationwide that depend on Chinese production and consumer spending. that's whst happens when all your eggs are concentrated in one place Guessing it will only get worse. What should be first 🥇
Source: latimes - 🏆 11. / 82 Read more »