The quarterly crisis indicates the period from 1970 to the early 1980s, with the Swiss watch industry being in bad weather due to the rise of quarterly wars and a general poor economic condition.
Swiss monopolyDuring the Second World War, the Swiss watch industry could continue to focus on producing watches and other time measuring devices due to Switzerland's neutral attitude. Other major players in that market (including Germany and England) were required by the war to focus on precision instruments for military use. In this way, the Swiss took a great lead and built a kind of monopoly. In the 1970s, the Swiss watch industry had a market share of around 90%. The downturn
When the quarterly technology was developed by Swiss companies (mainly Girard-Perregaux), most Swiss manufactures refused this new technology. Other watchmakers, outside of Switzerland, saw the benefits and continued to develop this technology.
The first quarter watches with analogue display were marketed in 1969. In 1978, quartz watches were more popular than mechanical watches, which meant a crisis for the Swiss companies. Ironically, the development of the quarterly wartime in Switzerland was initiated. As a result of the crisis, many Swiss watchmarks came into trouble or even disappeared. Quarterly wars were often produced in Asia.
During the quarterly crisis, about 60,000 people in the watch industry lost their jobs. The number of companies went from about 1,600 in 1970 to about 600. The Resurrection & amp; the swatch
In 1981 the crisis had come to a crucial point. In 1982, the first prototype of Swatch was shown. Swatch would be decisive for the resurrection of the Swiss watch industry. The popularity of these quartz watches yielded a lot of power for Hayek, a holding of different manufactures. This could ensure the existence of many watchmarks. These brands would fall below the Swatch group.
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