Luxury watchmakers rethink affordability to counter downturn

Geneva

HIGH-END watchmakers have signalled a shift in strategy with an expanded range of more affordable products to counter the most severe downturn the industry has faced since the 2008-2009 global financial crisis, executives at a watch fair in Geneva said.

The industry is having to adapt to a market with fewer Russian, Middle Eastern and Chinese buyers than a year ago, executives said, feeling the combined effects of record low oil prices and signs of economic weakness in China.