Profits have fallen by 17.4 percent for Swiss luxury-timepiece company Swatch. Swatch shares have also taken a battering. It’s definitely not a good time for Swatch.
So why the sudden slump in watch sales? In a Forbes.com article, Swatch’s Brave Face, analyst Patrik Schwendimann suggests luxury watches are a typically male purchase. And as we all know, men are holding back from shopping in these tough times, while women still can’t resist their retail therapy.
It’s sad for Swatch that people are watching their spending. Hopefully watches will come back into vogue soon.