Circa 2017, the once proud luxury watch industry is in its weakest position since the late 1970s and early 1980s. At that time, the prevalence of inexpensive quartz movement-powered watches produced in Asia versus Europe almost completely decimated the mechanical watch industry. Cost and better technologies prompted an event called the "quartz crisis" which assaulted an industry that specialized in the production of spring-powered versus battery-powered timepieces. In short, better, cheaper watches unsurprisingly outsold less accurate and more expensive products to a mainstream market.
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