Video: Swiss watchmaking thrives despite inflation and banking turmoil

It seems that the economic crisis and inflation did not affect all industries and sectors in the world, as the watch industry is thriving despite everything, as the Swiss capital, Geneva, is preparing for the opening of the Geneva Watch Exhibition, which bears the name “Watches and Wonders”, in which companies will display their latest creations.

The exhibition opens its doors on the first and second of April, and will display new and precious watches, some of which contain features such as those made of recycled steel or rose gold, and watches that are resistant to magnetic fields.

One of the most expensive watches on display is the Patek Philippe 6300 / 403G Grandmaster Chime Haute Joaillerie, priced at CHF3.86 million ($4.21 million).

“The show is more than just an event. It is the pinnacle of watchmaking, bringing together the entire industry,” says Show CEO Mathieu Humer. The flashy screens and expensive watches contrast dramatically with the cost of living crisis and high inflation rates in most parts of the world.

Chopard Co-President Karl-Friedrich Scheufele stresses that the industry has not been severely affected. “It is surprising that the watch industry has done very well,” he says. “Whether it’s inflation or the economic crisis, that’s all you hear in the media. In fact, the watch industry is doing very well.”

According to the Confederation of the Swiss Watch Industry, Swiss watch exports increased by more than 11% in 2022 compared to 2021, to nearly CHF25 billion ($27 billion). The organizers expect that this annual exhibition will be visited by about 30,000 visitors.

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