Swiss Franc Hits a High, Leaving Both the Dollar and the Swiss Luxury Market Behind
Photo: Swipelife
With the rise in value of the Swiss Franc, Swiss industries, particularly luxury companies and goods, are being outsourced. Residents of Switzerland are choosing to get the most for their money by purchasing imported goods and thus are not supporting local industries. There has also been a significant halt on Swiss exports, as other countries simply cannot afford to compete with the Swiss Franc. Daniel Dreifuss from Maurice de Mauriac watches, the Swiss luxury watch brand, has stated that his company has suffered financial losses due to the lack of money being reinvested into the local economy along with a decrease in the demand for the exportation of Swiss products. If the Swiss exports industry does not pick up soon there may be significant long-term damage done to the greater Swiss economy.
Source: Hodinkee
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