Market watch press release4/4/2023 This stands in stark contrast to North America, where more than three quarters (77%) are expecting growth. Growth expectations vary greatly by region: Hong Kong, for example, is expected to continue to decline or stagnate, while only 57% believe the Chinese market will grow. In terms of growth, most industry executives believe that the US, which is already the most important market for the Swiss watch industry in terms of export volumes, will be the next big growth market, followed by India and China. Furthermore, nearly 80% of watch industry executives say that geopolitical uncertainty caused by the war in Ukraine and by tensions between China and the US is having a substantial negative impact on their business’s outlook. However, this represents a considerable decrease in comparison to last year’s survey, in which more than three quarters (77%) of executives expected a bright outlook. With consumer behaviour changing and more digital savvy generations becoming the main buyers of luxury watches, the Swiss watch industry will have to look into how it can expand its online channels while also taking into account the rising preference for pre-owned watches and the growing trend of buying a watch as an investment.ĭespite rising inflation and geopolitical upheaval, the majority (57%) of Swiss watch industry executives surveyed by the audit and consulting firm Deloitte for this year’s Deloitte Swiss Watch Industry Study are expecting a good year ahead for the watch industry. Luxury watches are also increasingly seen as an investment, especially in China and Hong Kong, where one in three people acquire a timepiece as an investment or to resell. The pre-owned market is likely to grow from CHF 20 billion to CHF 35 billion by 2030, which would represent more than half of the primary market. This number is even higher for under-40: Almost every other respondent in this category (48%) is considering purchasing a second-hand watch. ![]() At the same time, pre-owned watches continue to be in high demand, with one in three consumers (31%) planning to buy one in the next 12 months. With two in five consumers planning to buy a watch online, the watch industry is likely to see its e-commerce business double by the end of the decade.
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