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Quartz crisis

In watchmaking, the quartz crisis was the upheaval in the industry caused by the advent of quartz watches in the 1970s and early 1980s, that largely replaced mechanical watches around the world. It caused a significant decline of the Swiss watchmaking industry, which chose to remain focused on traditional mechanical watches, while the majority of the world's watch production shifted to Asian companies such as Seiko, Citizen, and Casio in Japan, which embraced the new electronic technology.The quartz crisis took place amid the global Digital Revolution (Third Industrial Revolution) which was gaining momentum during the late 1950s. The crisis started with the Astron, the world's first quartz watch, which was introduced by Seiko in December 1969. The key advances included replacing the mechanical or electromechanical movement with a quartz clock movement as well as replacing analog displays with digital displays such as LED displays and later liquid-crystal displays (LCDs). In general, quartz timepieces are much more accurate than mechanical timepieces, in addition to having a much lower sale price.