San Jose, CA (PRWEB) May 02, 2011
The recent world economic recession has taken its toll on the global watches and clocks market, forcing substantial decline in dollar sales during 2009 and 2010. Slowdown in global economy, unpredictable business climate, reduction in household wealth, crumbling consumer confidence, and frugal discretionary spending patterns, have all resulted in erosion in sales of watches and clocks, and thereby the market’s value during the period. The watch industry witnessed the steepest decline in 2009 in terms of exports and revenue generation. Swiss exports, a benchmark for the worldwide watch market fell noticeably in 2009. Exports from Hong Kong and China also fell by around 19.8%. Watches costing over US$200 especially came under the yoke of recession, as consumers traded down to lower price points, opting for products that offer value-added features and capabilities at competitive prices. Luxury watches costing between US$1000-US$5000 lost their sheen during 2009, especially in mature markets such as US and Europe as consumers found it difficult to justify big spending.
In contrast, mass-priced watches fared relatively better than the expensive versions during recession. Robust sales of mass-priced watches, including fashionable plastic watches stand testimony to the recession induced change in consumer perspective over purchase of watches and clocks. However, given that the consumers search for a sturdy value proposition is a common thread that runs through all market segments, expensive watches featuring bold and innovative themes continued to find buyers despite difficult economic conditions, while classic watches found demand as collector’s items. Also, with worst of recession left behind and resurgence in growth fundamentals highly evident, such as improvement in income levels, higher discretionary spends, and greater consumer confidence, there is a spring in stride for global watches and clocks market, as evident by the improvement in dollar sales during early 2011. Innovative models, fashionable designs and competitively priced products are expected to drive demand for watches and clocks in the short to medium term period. Improving demand for luxury watches, particularly in developing markets such as Asia-Pacific also augurs well for the future of this market.
As stated by the new research report on watches and clocks, Europe remains the largest regional market for watches and clocks. Asia-Pacific remains the fastest growing regional market, with dollar sales of watches and clocks waxing at CAGR of about 3.6% and 4.2% respectively over the analysis period. By product, Luxury watches remains the largest segment in the global watches market. Mass-priced watches represents the fastest growing watches segment, waxing at a CAGR of about 2.6% over the analysis period.
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, Hermes International, Hindustan Machine Tools, Junghans Uhren GmbH, LVMH Moet Hennessy Louis Vuitton SA, Tag Heuer International SA, Movado Group, Inc., Patek Philippe SA, Rhythm Watch Co., Ltd., Rolex SA, Seiko Holdings Corporation, Seiko Corporation of America, The Swatch Group Ltd., Timex Corporation, Timex Group India Ltd.), Titan Industries Ltd., among others.
The research report titled “Watches and Clocks: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the watches and clocks markets, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of key/niche global and regional market participants. Market estimates and projections in this study are presented for the following geographic markets – US, Canada, Japan, Europe, Asia-Pacific, the Middle East, and Latin America. Key product segments for watches analyzed include Mass-Priced Watches (Under $50), Middle-Priced Watches ($50-$299), Upper-Priced Watches ($300 - $999), and Luxury Watches ($1000 - $5000).
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.
Global Industry Analysts, Inc.
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