Growing demand for watches & clocks in developing world

GIA announces the release of a comprehensive global report on Watches & Clocks markets. The global market for Watches is forecast to reach US$31.5 billion, while Clocks market is projected to touch US$5.2 billion by the year 2015. Growing demand for watches & clocks in developing world including the BRIC countries, and increased acceptance of luxury watches and watches with fashion statement are impacting the market growth to a significant extent.

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.