Apple cannot compete with luxury Swiss watches.
Swiss Luxury Watch Industry has been able to make its sector grow while facing a constantly on-going technology.
The first watches that began to really mark time in a more reliable manner, were first developed in the seventeenth century, and they were strictly mechanical. As technology progressed, quartz crystals were adopted to improve the accuracy of time marking.
In 1970 The Hamilton Watch Company launched the Pulsar watch for $2100, the first electronic digital watch in the world ($12,200 adjusted for inflation, 2015). In 1982 they introduced the Pulsar NL C01, or what might be called the first SmartWatch in the world, capable of storing 24 digits of information.
Thirty-three years later, in April 2015, Apple launched the SmartWatch, equipped with wireless connectivity and telephone, priced from $349 for the sports model, to $17,000 for the Limited Edition.
Given these changes, the Swiss industry of luxury watches has remained stoic and has even been able to grow in an ever-advancing technology. The question is whether smart watches will decrease the demand for incredibly sophisticated wristwatches, hand made in Swiss workshops.
At a round table held in New York last June 16, a group of insiders of the watch industry, noted that Apple´s watch can´t compete with luxury Swiss watches. “The Swiss watch is the way to express their own sense of style,” asserted Gary Girdvainis, editor of AboutTime WristWatch and magazines.
Jason Alan Snyder, chief technology officer of Momentum Worldwide, noted that both devices granted users luxury one, and utility the other; but questioned the longevity of the AppleWatch arguing that new technology is inherently obsolete. “These watches are not designed to keep working in 40 years. The Rolex Datejust I use, my father bought it and it still works. ”
Milton Pedraza, CEO and founder of The Luxury Institute, urged the watch enthusiasts not to ignore Apple´s incursion in the watch market, arguing that although now it might not be a compelling product, it will definitely evolve into one in the future.