Watches & Clocks: A Global Strategic Business Report
San Jose, CA (Vocus) October 11, 2010
The worldwide watches & clocks market witnessed a decline in 2009 because of the economic turmoil. The Swiss exports that could be considered as the benchmark for the worldwide watch market movements fell noticeably in 2009. The decline was significantly higher across matured markets owing to low consumer spending, rising unemployment, bank failures, slashed stock prices and decreased consumer confidence. However, with the scenario on the verge of improvement, the market is likely to witness higher demand for luxury and other watches, especially in developing markets including the BRIC (Brazil, Russia, India and China) countries in the next few years. On the other hand, growing market for inexpensive, designer fashion watches is likely to drive the market in developed countries such as the US.
Europe represents the largest market for watches & clocks worldwide, as stated by the new market research report on Watches & Clocks. Recessionary conditions worldwide brought about a change in consumer perspectives, particularly in Europe over purchase of watches and clocks. The trend was in favor of middle and low price jewelry and watches, with plastic watches gaining predominance. The US represents the second largest market for watches and clocks. In terms of growth, Asia-Pacific is portended to register fastest growth for watches & clocks. The watches market in the region is forecast to flaunt a CAGR of more than 3.0% over the analysis period.
Mass (Under $50) watches category constitutes the largest as well as fastest growing segment. Luxury ($1000 and above) watches segment is the other prominent segment posting healthy growth through 2015.
Luxury watches in Europe and the US, which declined significantly in 2009, is expected to slowly regain lost ground. Reasons for the decline include low consumer spending, rising unemployment, bank failures, slashed stock prices and decreased consumer confidence in the luxury watches. However, the situation started improving in 2010 with growing exports of Swiss and other watch brands. The rise in the demand is being attributed to the wholesalers and retailers filling their stocks. Nevertheless, the innovation in the clocks and watches industry is expected to improve market demand. Watch makers continue to bring out modern products with increased features. Various functions such as EL flashing and illumination, voice announcement, calendar, electronic compass, chronograph, incoming call alert for mobile phone and GPS (Global Positioning System) in watches are gaining popularity. Other advanced features in watches include interactive games and connectivity with computers and Internet. Certain companies also developed digital watches enabled with digital camera and mobile phone functions, but the high prices for these products restrict their future prospects.
Major players profiled in the report include Bulgari, Bulova, Cartier SA, Casio Computer Co. Ltd., Chopard, Citizen Holdings Co. Ltd., Compagnie Financière Richemont International, Fossil Inc., Gucci Group, LVMH Moet Hennessy Louis Vuitton SA, Movado Group Inc., Patek Philippe SA, Rhythm Watch Co. Ltd., Rolex SA, Seiko Corporation of America, Seiko Holdings Corporation, Tag Heuer International SA, The Swatch Group Ltd., Timex Corporation, Titan Industries Ltd, among others.
The report titled “Watches & Clocks: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the watches & clocks markets, impact of recession on the markets, current market trends, competitive scenario, key growth drivers, product overview, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for the following geographic markets – US, Canada, Japan, Europe, Asia-Pacific, the Middle East, and Latin America. Key product segments analyzed for watches include Mass (Under $50), Middle ($50-$299), Upper ($300 - $999), and Luxury ($1000 and above) watches. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Watches_and_Clocks_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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