Watch Market Trends
Global market growth rate slows down but there is still room for growth: the global retail scale of watches was approximately USD 80.76 billion in 2023
Categories： Industry News
Time：2022-07-28
The watch market trends are mainly reflected in the following aspects:
Global market growth rate slows down but there is still room for growth: the global retail scale of watches was approximately USD 80.76 billion in 2023, and is expected to grow at a steady CAGR of 3.52% between 2024 and 2028. Although the growth rate of the global watch market has slowed down in 2024, there is still more room for future growth.
Strong performance in the high-end market: despite global economic volatility, demand for high-end watch brands remains strong, especially in markets such as the United States and Japan, where demand for high-end watch brands is unabated. According to the Federation of the Swiss Watch Industry, Swiss watch exports fell by 2.2 per cent year-on-year in October 2024, but imports from the US and Japan grew by 11 per cent and 20 per cent, respectively, reflecting the still strong spending power in some markets.
The Chinese market shines: watch consumption in China was 130.3 billion yuan in 2023, up 10 per cent year-on-year. Of this, the traditional watch market share is 62 per cent, at $81.3 billion. The rapid development of online sales channels, especially the increase in onlineisation rate, has brought new growth points to the market.
Intelligent trend is obvious: with the continuous development of technology, smart watches will become the mainstream of the market. The demand for smart watches and other smart wearable devices is increasing, especially the demand for smart wearable devices from young consumer groups is growing significantly.
Trend of personalised and scenario-based design: changes in the preferences of young groups and female consumers have prompted brands to continuously adjust their strategies to meet the needs of a more segmented market. High-end couple watches accounted for nearly 30% of sales, and continued to show an upward trend. In addition, the application of high-end materials such as ceramic, gold and carbon fibre, as well as the trend of retro return and outdoor fashion are also highly favoured by consumers.
The rise of the pre-owned watch market: In China, the pre-owned watch market has gained recognition and favour among some consumers, and has a certain market size and growth potential. Although consumers' willingness to buy second-hand watches is relatively evenly distributed, the second-hand watch market still needs to be strengthened in terms of enhancing transaction transparency and after-sales service.
Keywords： Watch Market Trends
Related information
CONTACT
Add：No.36, Tanlin Road, Lantian Economic Development Zone, Zhangzhou City, China