Swiss watch exports have declined for the first time since 2009, according to Quartz.
Exports shrank by more than 3.3% to around $21.1 billion (£14.7 billion) in 2015, down on all previous years since the financial crash.
The Apple Watch, however, had a good holiday quarter.
Apple does not break out sales specifically, but the revenues generated by the “Other” group of devices — made up of the Watch and Apple TV — grew by more than 40%.
Bloomberg notes that other factors may have contributed — macroeconomic uncertainty, for example — but the Apple Watch is certainly a part of the reason Swiss watch sales are falling.
The Watch comes in three variants: A Sport model, which starts at £249 ($349); the Watch, which starts at £479 ($549); and the Edition model, which starts at £8,000 ($10,000).
According to market research, the Apple Watch currently makes up around half of all smartwatch sales, with the rest going to a diverse group of manufacturers, such as Pebble and Samsung.
The second generation version of the Apple Watch is rumoured to be pegged for a September announcement, with a smaller update — reportedly the addition of a FaceTime camera — coming in March.
Apple also recently made the Hermès edition of the Watch, which comes with the iconic strap and costs $1,500 (£999), available online rather than in a select few Apple Stores.