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Industry revenue of »retail sale of watches and jewellery« in Finland 2011-2023

Revenues from sales of watches and jewellery in Finland are projected to decline from 300 million U.S. dollars in 2015 to 291 million U.S. dollars by 2023. One of the main reasons for the decline is the soaring popularity of smart phones, which have replaced the basic functionality of watches and a decline in the number of enterprises manufacturing jewellery, owing to high production costs. Moreover, the outbreak of the Covid-19 is set to further impact the industry, especially the luxury watch market, as consumers are expected to curtail their discretionary spending in the medium term.

One of the positives for the industry include a growth in smartwatch sales. In 2018, Finnish households had a smartwatch penetration rate of ten percent, compared to seven percent in 2017. Moreover, indigenous companies such as Suunto, have also begun production with its recently launched Wear OS smartwatch, the Suunto 7.

Rolex prepares for worst year ever

Rolex, probably the most popular luxury watch brand in Finland and indeed the world, is preparing for its worst year ever, as all its manufacturing plants in Switzerland have been shut for an indefinite period due to the corona virus outbreak. The Swiss watchmaker has also delayed the release of its latest models, which were slated for 2020. In addition to the present lack of consumer activity, the aftermath of the virus and the resultant lack of discretionary spending, is expected to hurt the company’s revenues over the short to medium term.

Industry revenue of »retail sale of watches and jewellery« in Finland from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Finland. The industry “retail sale of watches and jewellery in specialised stores“ has the code “G4777“.

Details on the methodology can be found here.

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