The impact of the quartz crisis on the Swiss watch industry
The quartz crisis had a profound impact on the Swiss watch industry in the 1970s. The introduction of quartz movements, which could be produced more precisely and cheaply than mechanical watches, plunged the traditional Swiss watch industry into a severe crisis.
Many companies that specialized in the production of mechanical watches went bankrupt or were bought out by larger companies. The number of workers employed in the watch industry also declined rapidly.
The crisis forced the remaining watch manufacturers to adapt their production methods and business models. Many began producing quartz watches to remain competitive. Others focused on producing luxury mechanical watches aimed at a niche of customers willing to pay more for quality and precision.
Thanks to these adjustments, the Swiss watch industry has survived and is stronger today than ever. The production of quartz watches has stabilized and many companies have successfully specialized in the production of high-quality mechanical watches. They have also invested in research and development of new technologies to further improve their products.
Today, the Swiss watch industry is an important industry in the country and a symbol of Swiss precision and quality. Although the quartz crisis in the 1970s was a heavy burden, it ultimately helped the watch industry become stronger and more adaptable.