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In general, the consensus is that the dips in productivity and consumption due to the coronavirus outbreak are the cause of the economic recession, but in some cases, like Canada, some theorize that the outbreak was simply a catalyst for something that was long coming. As far as the watch industry goes, watches and their derivatives are luxury goods – and as such have elastic demand. In other words, watches are non-essential goods (at least to most people) and people should buy less of them in a recession. This is mainly the reason for which people have already started to notice (or rather be hopeful for, dips in the prices of vintage watches, Rolexes, and others – for example), as vintage watch/grey market dealers find themselves first in line. The questions for us to answer today are two-fold: how have recessions (the Great Depression and the Great Recession) affected the watch industry in the past and how could a global recession affect it today?
There are two recessions everyone knows and they ironically have very similar names, the first being the Great Depression which lasted from 1929 to 1939, leading into World War II. And the second was the Great Recession from 2007 to 2009.
https://montrespubliques.com/long-reads ... h-industry
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