Reportlinker.com recently announced the release of the report “Global Watches and Clocks Industry” – https://www.reportlinker.com/p01374542/?utm_source=GNW and they estimate the global wristwatch market will be worth 3 billion by the year 2027.
While big fashion events across Paris, Milan, New York and London have been cancelled or postponed, plus watch trade shows such as Baselworld cancelled, sales across retailers have declined in some key markets. Chinese consumers account for over 45% percent of the global spends on luxury goods, translating into an 80% growth from this country alone. Against this backdrop, sales of luxury watches are expected to decline in the short-term.
Other important factors which will remain evergreen as powerful growth drivers include ubiquity of watches as an acceptable fashion accessory. Swiss-made luxury watches will continue to dominate the global watch market during this period also supported by superior technology, quality, design, tradition and craftsmanship.
Certainly in the UK the market has proved resilient, with Beaverbrooks reporting record watch sales recently and other jewellers reporting constant phone enquiries for the new refreshed Rolex Submariner, Skydweller and Oyster Perpetual models. There have record auction prices realised for Rolex Daytona and vintage Submariner models as well, which suggests that watches remain an important investment avenue for the wealthy.