Those figures would seem to paint a pretty gloomy picture, and CNET notes that smartwatch sales for 2016 could hit $11.5 billion this year, with Apple leading the way. Neither Apple nor Samsung break out smartwatch sales figures specifically, but according to TechCrunch, Apple currently is estimated to have over 50% market share, with Android smartwatches representing less than 10% of the remainder.

However, though Swiss watches may not be beating smartwatches in sheer numbers, the Swiss watch industry – while admittedly undergoing some major challenges thanks to factors as varied as a dramatic drop in sales in China and the consequences of unpegging the Swiss Franc from the Euro – is still far ahead of the smartwatch market in sales value. Figures from the Federation of the Swiss Watch Industry FH showed total sales last year of about 22.5 billion CHF – nearly double what the smartwatch market could earn if this year is its best year in history. Moreover, those figures are export figures, while the figures from CNET are retail – so the disparity is even more dramatic.