COVID-19, also known as the Wuhan Coronavirus, has been the news lately. With the new cases over the world just overtaking China, it would be more logical to now worry more about how it’s impacting the world and the economy.
Mass gatherings, events and tradeshows are now starting to cancel.
- Baselworld 2020 postponed to 2020.
- (SIHH) Watches & Wonders Geneva cancels its upcoming edition. Media release here.
- Citizen And Bulova announce withdrawal from Baselworld 2020 over Coronavirus.
Though the articles above are a response to the attack, there are more factors that can affect the watch industry as well. One such example is tourism. Tourism is a huge part of Australia. With the recent travel ban, boutiques and dealers would see less tourist purchasing from them. Australia has been huge in buying watches due to the GST refund and relatively low AUD.
Now that there are more confirmed cases appearing in different countries, we should see a decline in watches being shipped out. Switzerland already confirmed a number of new cases and some in Geneva. The effect could be similar to Apple where manufacturing will be delayed for months.
There’s not a lot much a normal person can do in terms to help the watch industry. Unless one can afford to buy watches everyday, businesses will really go down. It’s good to note as well that it’s not only the manufacturing industries that are affected. Other such example includes is the hospitality industry. Chinese restaurants all across Australia are already seeing the effect as some are already closing. One even recommends to lift the travel ban which is not really a solution.
All we can do is make sure we don’t become part of the statistics. Daily hygiene will go a long way. Before we know it, we will defeat the virus and get back into waiting for a stainless steel Rolex at our local AD.