Not only is the watch industry a valuable ambassador for Switzerland’s industrial prowess, it also constitutes a major pillar of the country’s economy – the watch industry has proven hugely significant to a number of the country's regions. The profile of the Swiss watch industry is that of a fully developed cluster in which the individual players – from supplier, through brand, to retailer – work together like clockwork. As of 2018, Rolex was the leading Swiss watch brand in the world. In 2019, the Rolex brand was valued at around 8.05 billion U.S. dollars.
The luxury watch industry has staged an impressive rebound from the watch crisis. Thanks to a decision to refocus on high-end products (in particular mechanical watches), the luxury watch industry benefited from a boom in demand for global luxury goods that began in the mid-1990s. In particular, the luxury watch industry owes its success to its foresight in actively targeting growth in emerging markets. Thanks to rising incomes and growing prosperity, other emerging-market countries, outside of China, offer substantial growth opportunities for the watch industry.
In recent years, many luxury watch manufacturers have altered their marketing and sales techniques to adapt to the changing times. They seem to understand the importance of using social media to market their product. In addition, a survey of watch company executives found that nearly 70 percent will be focusing their efforts on making sales through their own online e-boutique.
Luxury watches are highly valued for their craftsmanship and prestige. Among Americans, the appeal of a fine luxury watch is plain to see. In a 2018 survey, almost 60 percent of respondents stated that they would like to own a Rolex watch. This is especially lucrative given the average price of products within this market.