The watch market is an industry that business hopefuls should be on the lookout for over the next few years. This global wristwatch market is expected to grow substantially during the projected forecast period (from 2018-2023) at a rate of nearly 8.2%
According to research, the global watch market is anticipated to be worth $50 billion by 2022.
How and why is the global watch market expected to do so well during the forecast period?
Here are a few factors influencing the global watch market trends:
- Increased Demand for Luxury Watches – Over the past few years, there has been a growing interest in limited edition and name brand watches, like Swiss-made luxury watches that have innovative design, superior quality, and craftsmanship.
- Increased Demand for Smart Sports Watches – There has also been a growing interest in smart watches that track activities like distance and speed. These watches are also gaining popularity for their ability to send and receive calls, emails and text messages directly from the watch itself. Smart and sports watches are expected grow at a faster rate globally during the forecast period from 2018-2023.
- Increased Sales Through Online Stores – Consumers have preferred spending online vs. in-store for more than simply convenience. Online shopping has improved throughout the years and consumers are loving the secured transactions, cash on delivery options, easy and convenient return policies and online customer service. Online retail stores have a significantly higher revenue share in the global watch market than offline retail stores.
- Increase in Fashion Consciousness – In general, fashion consciousness has been on the rise among consumers, prompting an increase in watch sales.
The watch market is a broad industry that contains a variety of watch types and functions including: sports watches, diamond watches, luxury watches, smart watches, water-resistant watches and more.