What just used to be a method to tell the time has now become a multi-million-dollar luxury industry that is only getting more and more popular with younger generations. A symbol of elegance, style and wealth, luxury watches have long played an important role in popular franchises like James Bond, making them an aspiration for many.
If you’re considering purchasing a luxury watch, it’s important to know how the industry is evolving and stay on top of trends. This way, your luxury watch might become a novelty find further down the line, making it more valuable in the process.
Current watch trends
As ever, the luxury watch industry largely remains a male-dominated market, but that hasn’t stopped an increasing number of women discovering the appeal of owning such a magnificent piece of craftsmanship. Swiss watches still lead the pack when it comes to design and sales, with East Asia becoming a major market.
And whilst it might seem that Gen Z don’t have the resources to buy such a watch, it’s actually this generation that are driving sales of luxury watches. Individuals as young as 15 are cashing in their savings for a once-in-a-lifetime investment that will serve them well in the future.
With Gen Z on board, the luxury watch market is expected to reach an eyewatering $53.5 billion market value by 2028. Since the dawn of social media, with so many people wanting to show off their wealth, the luxury watch has become the ultimate symbol of power.
The luxury watch market
The Asia Pacific continues to be the most lucrative market whilst customers in Japan, India and Chine make up a huge portion of sales. Looking ahead, China is expected to reach $10,890 in revenue, where customers are keen to get their hands on labels like Rolex, Omega, Patek Philippe and Piaget.
There will also be a new player in the field: Mugnier. A Swiss watch brand going strong since 1786 with locations in India, the new collections will include Mode, Semper and Invictus which are expected to sell out very quickly.
Emerging technology and innovations
As ever, new technology changes the game with every passing year. In response to the rising popularity of the smartwatch, luxury watch manufacturers are offering their own alternative with the, all of which are kitted with state-of-the-art technology that combines traditional with contemporary. New components are continually being added too with new materials entering the fold, as well as reimagined movement components to increase usability and decrease the general maintenance.
Brands that have embraced modern watchmaking include Rolex, a brand that still holds its original form dear whilst also improving performance, designing models for different lifestyles and making the luxury watch what it is today.